Indian benchmark indices ended higher on June 12, with the Nifty above 23,300. The Sensex was up 149 points or 0.20% at 76,607, and the Nifty was up 58 points or 0.25% at 23,323.
Nifty Analysis
The Nifty witnessed another day of consolidation. Opening with gains, the index faced profit booking at higher levels but managed to close in the green, up ~58 points. On the daily charts, the Nifty has been trading in a range of 23,450 – 23,200 over the last three sessions. The hourly momentum indicator shows a negative crossover, causing rallies to fizzle out at higher levels.
- Support Level: 23,150 – 23,100 (40-hour moving average)
- Resistance/Target Level: 23,400 – 23,450
- Short-term Trend: Positive, likely consolidating within 23,300 – 23,500
- Potential Rally Trigger: Breakout above 23,500 could lead to 23,800
The broader market outperformed for the second consecutive day, with the Mid and Small Cap indices up 1.04% and 1.23% respectively.
Bank Nifty Analysis
Bank Nifty attempted a breakout above 50,300 but fell short, closing in the green up ~190 points.
- Support Level: 49,600 - 49,500
- Target Level: 50,500 – 50,600
Market Session Summary
Indian bourses began the session strong, registering a new high in the opening trade. However, lack of follow-through led to a range-bound performance, with a reversal in the last hour dragging the Nifty50 to settle at 23,323, up 58 points. Broader indices continued to outperform, with Mid and Small caps advancing over 1% each.
Sector Performance
- Top Performers: Media, PSU Banking
- Laggard: FMCG
A Shooting Star candlestick pattern at record levels suggests weakening bullish momentum. A firm close above 23,400 is essential to extend the upward trend, with support at 23,150.
Market Breadth
- Advances: 2,284 shares
- Declines: 1,159 shares
- Unchanged: 74 shares
Top Gainers on Nifty
- Coal India
- Power Grid
- SBI Life Insurance
- Tech Mahindra
- Eicher Motors
Top Losers on Nifty
- Britannia
- HUL
- M&M
- Titan Company
- Tata Consumer
Sectoral Performance
- Positive Performers: Telecom, Media, Capital Goods, Metal, Oil & Gas, Power (up 1% each)
- Negative Performers: FMCG, Realty
Broader Indices
- BSE Midcap Index: Up 1%
- BSE Smallcap Index: Up 1%
This report summarizes the key movements and trends observed in the Indian stock market on June 12. Investors should consider the support and resistance levels in their trading strategies and note the performance of various sectors and broader indices for potential opportunities.
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