The Nifty index has shown strength, reaching an all-time high above 23,400, with a strong bias for further rise anticipated after a brief consolidation period. Prabhudas Lilladher mentioned in a research note that the Nifty registered a record high of 23,411.90 but faced trend line resistance, leading to profit booking. As long as the index remains below 23,412, profit booking cannot be ruled out, according to Investment Intermediates’ Hrishikesh Yedve. Immediate support for the Nifty is placed near 23,000, followed by 22,600. Bank Nifty erased morning gains and ended little changed from the last Friday’s close. The index has formed a hanging man candlestick pattern on the weekly scale, indicating resistance levels in the range of 51,130-51,140. Nifty June futures are currently down by 0.41% at 23,247, with a discount of 12 points. Nifty Bank June futures are showing a decline of 0.52% at 49,732, accompanied by a drop in open interest by 6.7%. The Nifty options’ June 13 expiry saw maximum call open interest at 24,000 and maximum put open interest at 23,000. Overseas investors were net buyers of Indian equities for the second consecutive day, while domestic institutional investors also turned net buyers on Monday. The benchmark stock indices settled lower, tracking losses in shares of various companies. Apart from Nifty technicals, companies like Raymond, PTC Industries, Rail Vikas Nigam, Repco Home Finance, Bank of Baroda, and others made significant announcements related to business activities. The Indian market remained positive on Tuesday, as most benchmarks in the Asia-Pacific region were trading higher. The US stock market showed mixed results on Monday, with the S&P 500 Index and Nasdaq 100 rising, and the Dow Jones Industrial Average seeing a slight increase. Brent crude was trading higher, while gold prices fell slightly. The rupee weakened against the dollar amidst strong US employment data and stable oil prices.
