Indian equities saw profit booking on the final trading day of the week after advancing for six straight sessions.
Nifty Soars Nifty Bank Surge A Weekly Market Recap
Sensex and Nifty finished the week to June 21 with modest gains of 0.28 percent and 0.15 percent, respectively, despite the fact that major equity indices continued to reach new highs this week on the strength of encouraging domestic economics and favorable global indications. Still, indices posted weekly advances for the third consecutive week. The Sensex concluded the week at 77,209.9, down 0.35 percent, or 269.03 points, while the Nifty finished at 23,501.1, down 0.28 percent, or 65.9 points.
The week ended with a slight increase of 0.15 percent, which Osho Krishan, Senior Analyst-Technical & Derivatives, Angel One, said reflected general stability and trust in the market.
The performance of the banking industry is measured by the Nifty Bank index, which had its largest weekly gain of 2024 and finished the week up more than 3% after reaching new all-time highs of 51,957 during the week.
According to Prashanth Tapse, Senior VP (Research), Mehta Equities, “Bank Nifty continues to shine amid short covering and value buying, supported by a strong Indian economy, robust balance sheets, and cheap valuations.” In fact, the index is up for a sixth consecutive week, marking the greatest winning streak in 19 months and bringing monthly gains to nearly 7%.
The Nifty Midcap 100 and Nifty Smallcap 100 indexes saw their weekly advances end at 0.37 percent and 1.06 percent, respectively, after reaching new highs today.
Geojit Financial services, Nifty Soars Nifty Bank Surge A Weekly Market Recap
As worries about the results of the election subsided and mood around the world brightened, the Indian market initially kept rising. There is hope that the forthcoming budget will balance growth objectives with populist measures now that a coalition government is in place. Furthermore, there are great hopes for government initiatives to boost consumption, which is an important area to concentrate on, according to Vinod Nair, Head of Research at Geojit Financial Services.
Strong institutional inflows have further supported market sentiment, especially FIIs’ renewed interest following the government’s establishment.
Sectoral winners
Sector-wise, the Nifty Private Bank index ended up more than 4%, lead by the IT and metal indexes, then the financial services and private banking sectors.
Technical configuration
Technically speaking, the small-bodied candle patterns imply that the bulls might be nearing their breaking point and are perhaps holding out for an outside catalyst to get up more speed. Finding the middle barrier is harder as the Nifty index goes farther into unknown territory. But given the recent events, 23650–23700 appear to be a big obstacle, and a strong close would potentially start the next leg of the index’s rise, according to Krishnan. Conversely, robust He continued, The critical support of 23200-23100 (20 DEMA) is followed by support around 23400, which has demonstrated its dependability over the past week.
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