SHARE MARKET HIGHLIGHTS ; WILL NIFTY & NIFTY BANK BREAK ALL TIME HIGH ??

STOCKS SUGGESTION TO TRADE ON 28 JUNE 2023

CANFINHOME ATUL ASHOKLEY HDFCLIFE ESCORTS L&TFH ICICIPRULI LTIM MANAPPURAM VOLTAS MFSL PFC

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The smiles returned to investors' faces on June 27 as the market saw some buying in the second half of the day and benchmark indices rose. However, the Nifty again failed to break the all-time highs, closing the level about 70 points behind. Nifty opened slightly positive followed by some consolidation. The index gained momentum in the second half and strengthened towards the end of the trading session. The index gained over 100 points and closed near the daily high. This was mainly due to the support of the bank nifty, which finally really picked up speed. HDFC Bank put in a strong performance today which was complemented by ICICI Bank and Axis Bank which catapulted the bank well above 44,000. The Nifty 50 index rose to 18817, registering a gain of 126 points. The Sensex zoomed 446 points to 63416. Short covering ahead of Wednesday's F&O expiration may have sparked a significant bounce in major benchmark indices despite a lackluster trend in Asian and European indices. Investors have once again bet heavily on India's solid economic fundamentals, focusing on banking and real estate stocks, ignoring negative catalysts such as the tightening Fed, growing Chinese growth concerns, the Russian crisis and the erratic monsoon. Looking forward, Nifty is expected to target new highs at high levels, with immediate support at 18750. Strong selling was seen on the 18750 and 18700 strike put options, suggesting that any intraday pullback towards these levels is likely to be bought. Bank Nifty closed positive with a bullish candle as it closed above the highs of the past eight days after trading sideways on the daily time frame. Resistance is around 44200 and 44500 and support is around 44000, 43800 and until Bank Nifty breaks this range it is expected to remain sideways. The technical indicator RSI is around 56 while the 200 EMA is at 41500.

Resistance: 18700, 18800, 18900

Support: 18600, 18500, 18400

PERFORMANCE OF STOCK FOR 27 JUNE 2023

PEL  UP BY 4%

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