Taking Stock: Good recovery from the lower level in the market, increase of 1.6 lakh crores in the wealth of investors

Today, the market remained in the red mark in more than half of the trading part of the day, but in the last hours of the trading session, the market saw a great recovery and at the end of trading it closed in the green mark. Buying was seen in almost all sectors in the last hour of the trading session.

At the end of trading, the Sensex closed at 52,574.46 with a gain of 230.01 points, or 0.44 per cent. On the other hand, the Nifty closed at 15,746.50 with a gain of 63.15 points or 0.40 percent.

21 out of 30 Sensex stocks closed in the green today. In today’s trading, small-medium stocks traded much better than the giants. The BSE Midcap index closed with a gain of 0.82 percent and the Small Cap index gained 0.83 percent.

The market cap of BSE listed companies increased from Rs 227.34 lakh crore as on June 18 to Rs 228.95 lakh crore in today’s trade. Due to which the wealth of investors has increased by about Rs 1.6 lakh crore today.

Vinod Nair of Geojit Financial Says that due to the hawkish monetary policy of the US Fed, the domestic market opened with weakness today, but due to the statement of free vaccination of all citizens of the PM and the expectation of a sharp recovery in the economy, the market recovered from the low level of the day. Closed in green mark.

All sectoral indices closed in the green on NSE except Nifty Auto and IT. Nifty PSU Bank gained 4.11 per cent and Nifty Realty gained 2.33 per cent. On the other hand, Nifty Metal gained 1.12 percent and Bank Nifty gained 0.91 percent.

PSU stocks were in the news today amid news of privatization of Central Bank of India and Indian Overseas Bank.

About 400 stocks made new 52-week highs on BSE, including APL Apollo Tubes, Dixon Technologies (India), Hindustan Unilever, Honda India Power Products, Indian Overseas Bank.

In today’s trading on BSE, about 570 stocks got upper circuit. These include Central Bank of India, Jammu & Kashmir Bank, Indian Overseas Bank, Arman Financial Services, Majesco, Future Retail, Future Lifestyle Fashions, HCC.

technical view

The market saw a sharp recovery today from its short term support around 15500. Nifty has formed a strong bullish candle after 3 trading sessions. This indicates that the bulls continue to dominate the key support zone.

Ashish Biswas of CapitalVia Global Research Says that Nifty can be seen further in the range of 15500-15900. It will be very important for Nifty to stay above 15500 in the short term. Since technical indicators are supporting the bullish trend, investors should buy intraday correction in short term and exit after booking profit around 15900.

Momentum indicators like RSI and MACD are also pointing towards a positive divergence which is an indication that the recovery in the market may continue and Nifty may once again touch the 15900 level.

Chandan Tapadiya of Motilal Oswal Financial Services Says that Nifty has to stay above 15700 to move towards 15900-16000. On the downside for Nifty, support is seen at 15,600 and 15,550 levels.

Gaurav Bissa of LKP Securities Says that this is the second time in a row that Nifty has made a strong comeback, which is a sign of strength in the market. However, on an overly basis, Nifty is in a position to close closer to Ichimoku cloud support. For Nifty to touch the level of 16000, it will have to give an OVERALLY closing above 15,780-15,800.

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