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After consolidation for the last 4 to 5 days, Nifty 50 touched a new lifetime high today. Nifty's old lifetime high was 24401 which was broken today. Yesterday Nifty 50 closed at the price level of 24320, today Nifty opened 32 points higher at 24352. Bank Nifty has been showing signs of fatigue for the last few days. Bank Nifty opened today 27 points down at 52398.
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| Nifty 50 chart |
NIFTY 50 CHART ANALYSIS
Ever since the start of the Modi 3.0 Government, the growth of Nifty has shown no sign of stopping. It has been a full month now that the Modi 3.0 government has been in power. Nifty 50 closed at the level of 23259 on 10 June 2024. Since then, Nifty 50 has gained 1100 points.
Talking about today, Nifty 50 continued trading above 24350 the whole day. Nifty 50 touched a low of 24339 during the first few minutes of the trading session but then moved up steadily during the day.
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| Nifty 50 chart |
Many stocks were responsible for the 112-point rise in Nifty 50, such as Maruti Suzuki (6.69%), ICICI Bank (1.07%), ITC (2%), etc. There were some weak stocks in the Nifty 50 today. Nifty 50 heavyweights are Reliance (-0.66%), INFY (-0.27%), Bajaj Finance (-0.43%) etc.
You can see the list of PULLERS and DRAGGERS of Nifty 50 from the image given below.
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| NIFTY 50 PULLERS and DRAGGERS |
BANKNIFTY CHART ANALYSIS
Bank Nifty has been trading in a range for the last several days. Private banks, an important component of Bank Nifty, presented their deposit growth figures. It started with HDFC Bank. Deposit growth of all banks has been fragile. This is the reason why Bank Nifty is not able to move up.
Today again Bank Nifty managed to close in green. Among private banks, only HDFC Bank and ICICI Bank showed a rise, all other private banks showed weakness. HDFC Bank (2.70), ICICI Bank (11.25), Axis Bank (-0.03%), IndusInd Bank (-0.30%), Kotak Bank (-0.44%), Bandhan Bank (-1.97%), Federal Bank (-0.29%), AU Small Finance Bank (-0.34%), RBL Bank (-3.06%).
Among public sector banks, SBI, Canara, and PNB saw a rise.
FII & DII DATA ANAYLSIS
FII's buying has started returning to the market again. Today FII made purchases worth Rs 314 crore in the cash market. DII also made purchases worth Rs 1,416 crore. DII has been a net buyer in the market for a long time. FII also bought Rs 498 crore in stock futures.
CONCLUSION
The bull run is continuing in the market, will there be any correction? If there is a correction, how much and for what reasons will it come?
It remains to be seen whether there will be an opportunity for traders and investors to buy during the correction.
This article is for educational purposes only. Before making any decision related to trading or investment, please consult your financial advisor.
