Sensex, Nifty set new closing records on June 14, 2024 driven by
strong sentiments of the market participants making new all-time highs on
regular basis after huge shock on the election results day on 4th June, 2024.
On June 14, 2024, India's key stock indices, the Sensex and
Nifty, closed at record highs. Strong performances from HDFC Bank, Reliance
Industries, and Mahindra & Mahindra, along with positive export data, drove
the market's growth.
The BSE Sensex climbed for the third consecutive session, rising
by 181.87 points (0.24%) to reach a new closing high of 76,992.77. It peaked at
77,081.30 during the day, up 270.4 points (0.35%).
Similarly, the NSE Nifty surged by 66.70 points (0.29%), closing
at a record 23,465.60. It also set an intra-day high of 23,490.40, gaining 91.5
points (0.39%).
Foreign Portfolio Investors (FPI) came back strongly in the market with a inflows of Rs. 11730 crore in the equities driven by positive cues from global markets and domestic market as well last week.
Now, the market is
witnessing a stable and strong buying interest among the DIIs and retail
investors. India vix also returned to its pre-election state at 12 last week.
It was 27 on 4th June, 2024 in the election results day. So India vix also
giving a comfortable feelings among the participants which driving the market
upside.
On the global front,
lower than expected inflation rate in the US creates a hope of one rate cut in
this year, also intensify the market sentiments.
Technical view:
As per our last week's
technical analysis, we told about nifty to hit upside upto 23500 level. Nifty
touched a high of 23490 last week almost reaching the same level.
As of now, nifty has
immediate support 23300 to 23340 level as per nifty daily chart. If this level
is broken, next support will be at 23180 to 23220,then at 2300.
Nifty can touch upto
23700 to 23800 levels if the resistance of 23500 is decisively taken out in the
next week. And if it continues its upward journey with the same bullish
sentiments in the market, we can see nifty reaching at the psychological level
of 24000.
We can not predict when nifty will
touch this magic level. There is a probability that
nifty will consolidate for some days and then will resume its upward
journey again to hit 24000.
From the above daily
chart of nifty, we can see clearly that there is a price and RSI bearish
divergence happening in nifty, which indicates a pause or bearish trend may
possible in the coming days. If that happens, nifty will come down to its next
support levels. If divergence is not respected, then after some consolidation
moves for some days, it will again start its upward journey.
Bank
nifty on the other hand, is consolidating for the last few days. It couldn't
move like nifty. As per chart of bank nifty we can see that it is maintaining
its movement in the channel till now. Its immediate support is at 49650 and
next support is at 49100 levels.
Its immediate
resistance is at 50200 level and next resistance is at 50600 level. If bank
nifty can trade above 50600 level we can see the all-time high in bank nifty
again.
Investors and traders
are advised to focus on stock specific actions and be cautious taking trade in
indices. Do perfect research before taking any action. If you like our
analysis, please do like and share our site to your friends. Happy learning, happy
trading.
Disclaimer: The information provided on MoneyWiseMind is for educational and informational purposes only. It is not intended to be financial advice, and you should not rely on it as such. Before making any financial decisions, you should consult a licensed financial advisor.
