Nifty Prev. Close: 23913.70

Nifty Prev. Close: 23913.70

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Conviction held despite retracement – The Nifty has witnessed another confirmation by the way of closing above 21 May high of 23860 for the consectutive second session after proving the same by closing beyond the interim behavuor shift zone of 23700 on 25th May. This addtional confirmation has been recorded on chart despite a meaningful retracement, as forecasted. Traders may continue applying a Buy-on-Dips strategy.

A quiet opening is expected for the benchmark indices, despite mixed trends in global markets. As the session progresses, Nifty may oscillate between 23800 and 24000 for the major part of the day. A decisive breakout above 24,000 could extend the rally towards 24,200, while a breakdown below support may drag the index towards 23,700, where buying interest could emerge.

Positional traders may utilise any dips to initiate fresh entries or accumulate existing long positions as long as Nifty sustains above the 21st May high and the intermediate behavioural shift zone of 23,700. The broader upside potential remains open towards the 24,500 to 24,700 range.

Sectoral Focus

Metal, Energy, Capital Goods, Bank, Financial Services.

Stocks To Watch

ONGC, Siemens, Gujarat Gas, IRCTC, General Insurance, J.K. Tyres, Procter & Gamble Health.

Quarterly Earnings

Cummins India, GMR Airports, Aditya Infotech, Bata India, Varroc Engineering, Time Techoplast, Gillete India, Asahi India, Gabriel India, Swan Defence.

Ensure prudent stoploss control across positions.

Wishing everyone a fruitful day!

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