Market Morning: Sensex, Nifty off to a slow start, LTIM, Kotak bank take lead in early trade
Jun 26, 2024, 09:49 IST
Nifty and Sensex got off to a sedate start during early morning trade today. As of 9:45 am, Nifty was trading at 23,715.45 points, down by 0.02%, while Sensex was down to 78,021.21 points, inching down by 0.04%
In US, Dow Jones ended lower by 299 points or 0.76% to close at 39,112, whereas NASDAQ ended higher by 220 points or 1.26% to close at 17,717. Most broad-based indices in India opened the day in red. While Nifty midcap50 (down by 0.34%) and midcap100 (down by 0.19%) opened the day in red, India VIX (up by 1.20%) and smallcap50 and 100 (up by 0.26% and 0.18% respectively) remained in green during early trade today.
As for sectoral indices, Nifty auto, FMCG, pharma, metal, PSU bank, realty and healthcare were in red, while financial services, private bank, media, IT and consumer durables were in green. ICICI, Kotak bank, BPCL, LTIMindtree were amongst gaining stocks during morning trade, while Apollo hospitals, Tata Steel, Hero Moto, Bajaj Auto and Hindalco lost significant ground.
NTPC is set to hold a board meeting on 29th June, wherein it will consider raising around Rs 12,000 crores via non-convertible debentures, subject to shareholder's approval. The stock was trading at Rs 362.15, up by 0.36% as of 9:40 am.
According to Mr. Aditya Gaggar, director, Progressive Shares, "a sharp upsurge in the Banking counters helped the Index to end the session at a record level of 23,721. With a strong bullish candle, Nifty50 has breached its well-maintained range of 23,400-23,660 which suggests an extension of the current upmove, and as per the pattern, the approximate target comes to 23,920 while on the lower side, the immediate support is placed at 23,660. From the auto segment, ancillary counters regained momentum especially the tyres segment (Apollo Tyre). Selective buying was seen in the IT sector as well".
Shrikant Chouhan, Head Equity Research, Kotak Securities notes that "a bullish candle on the daily chart and a higher bottom formation on the intraday chart indicate a continuation of the uptrend. For the market, 23,600-23,500/77,500-77,300 will be a crucial support zone for deciding the trend. As long as the index is trading above 23,500/77,300, the positive sentiment is likely to continue. On the higher side, 23,835-23,900-24,000/78,500-78,700-79,000 would be the immediate resistance levels. However, a drop below 23,500/77,300 could weaken the uptrend, possibly leading to a retest of 23,400-23,350/76,900-76,800".
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In US, Dow Jones ended lower by 299 points or 0.76% to close at 39,112, whereas NASDAQ ended higher by 220 points or 1.26% to close at 17,717. Most broad-based indices in India opened the day in red. While Nifty midcap50 (down by 0.34%) and midcap100 (down by 0.19%) opened the day in red, India VIX (up by 1.20%) and smallcap50 and 100 (up by 0.26% and 0.18% respectively) remained in green during early trade today.
As for sectoral indices, Nifty auto, FMCG, pharma, metal, PSU bank, realty and healthcare were in red, while financial services, private bank, media, IT and consumer durables were in green. ICICI, Kotak bank, BPCL, LTIMindtree were amongst gaining stocks during morning trade, while Apollo hospitals, Tata Steel, Hero Moto, Bajaj Auto and Hindalco lost significant ground.
Stocks in action
NTPC is set to hold a board meeting on 29th June, wherein it will consider raising around Rs 12,000 crores via non-convertible debentures, subject to shareholder's approval. The stock was trading at Rs 362.15, up by 0.36% as of 9:40 am.
According to Mr. Aditya Gaggar, director, Progressive Shares, "a sharp upsurge in the Banking counters helped the Index to end the session at a record level of 23,721. With a strong bullish candle, Nifty50 has breached its well-maintained range of 23,400-23,660 which suggests an extension of the current upmove, and as per the pattern, the approximate target comes to 23,920 while on the lower side, the immediate support is placed at 23,660. From the auto segment, ancillary counters regained momentum especially the tyres segment (Apollo Tyre). Selective buying was seen in the IT sector as well".
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Shrikant Chouhan, Head Equity Research, Kotak Securities notes that "a bullish candle on the daily chart and a higher bottom formation on the intraday chart indicate a continuation of the uptrend. For the market, 23,600-23,500/77,500-77,300 will be a crucial support zone for deciding the trend. As long as the index is trading above 23,500/77,300, the positive sentiment is likely to continue. On the higher side, 23,835-23,900-24,000/78,500-78,700-79,000 would be the immediate resistance levels. However, a drop below 23,500/77,300 could weaken the uptrend, possibly leading to a retest of 23,400-23,350/76,900-76,800".