Taking Stock: Market fails to hold record high, ends mixed; banks outperform
Top Nifty gainers included HDFC Bank, Axis Bank, ICICI Bank, IndusInd Bank and Kotak Mahindra Bank, while losers were Titan Company, Maruti Suzuki, L&T, Hindalco and Bharti Airtel.
Indian benchmark indices ended on mixed note in the highly volatile session on June 19 after hitting fresh all-time high, intraday. The Sensex was up 36.45 points or 0.05 percent at 77,337.59, and the Nifty was down 41.90 points or 0.18 percent at 23,516.
On the back of positive global cues, the benchmark indices opened at a fresh record high. However, erased all the gains in the initial hours and gyrated between gains and losses throughout the session to finish with marginal change.
Top Nifty gainers included HDFC Bank, Axis Bank, ICICI Bank, IndusInd Bank and Kotak Mahindra Bank, while losers were Titan Company, Maruti Suzuki, L&T, Hindalco and Bharti Airtel.
Among sectors, except bank (up 2 percent) and IT (up 0.4 percent), all other indices ended in the red with auto, capital goods, metal, oil & gas, power and realty down 1-3 percent.
BSE Midcap index fell 1 percent and Smallcap index shed 0.6 percent.
BSE Sensex and Nifty touched fresh all-time high of 77,851.63 and 23,664, respectively. Also, Bank Nifty and Nifty midcap indices hit record highs of 51,957 and 55,679.60, respectively.
More than 300 stocks touched their 52-week high on the BSE including Axis Bank, Cipla, Jindal Steel, Coromandel International, Oracle Financial, Whirlpool, GMR Airports, Torrent Pharma, Federal Bank, Cummins India, Exide Industries, UNO Minda, among other.
Outlook for June 20
Aditya Gaggar Director of Progressive Shares
Mid and Smallcap led correction dragged the Index lower in the morning session to trade lower by over 100 points, but a strong dominance of the Banking counters helped the Index to recoup its losses and register a fresh high of 23,664 but another round of selling in the last hour of trade pulled the Index lower once again to settle the day at 23,516.00 with a loss of 41.90 points. Apart from BankNifty, the IT sector performed well while Energy and Realty corrected the most.
On the daily timeframe, the Index has formed a Bearish Engulfing candle with a probable bearish divergence in RSI which indicates a temporary pause in its uptrend with the lower side being protected at 23,340 while today's high i.e. 23,660 will be considered as resistance.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty witnessed another lackluster day; in fact, the index remained very range-bound, staying broadly within 23450 and 23650. Sentiment continues to favor short-term bullish trades as the index sustained above the 55 exponential moving average (EMA) on the hourly chart. The short-term trend remains strong, and any dips towards the 55-hour EMA, which is currently pegged at 23340, might get bought into. On the higher end, in the short term, the index might move towards 23800 and beyond.
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