📷 Image Credits: Moneycontrol
The Nifty50 index continued its positive trajectory on June 14, hitting a fresh record high amidst rangebound movement. Opening above 23,450, the index maintained consolidation throughout the session, with final hour buying propelling it to a new high and marking the fourth consecutive record closing high. Sectors such as Nifty Information Technology, auto, metal, PSU Bank, and realty showed gains of 0.5-1 percent. Additionally, Nifty Midcap and Smallcap indices reached new highs, closing with gains of 1 percent and 0.5 percent, respectively.
Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP Paribas, noted that the Nifty consolidated for the fifth straight day and closed in the green, signaling potential for a breakout in the coming week. He highlighted that the hourly momentum indicator showed a positive crossover, indicating the consolidation has matured and might lead to the next leg of the upmove.
On the other hand, the Nifty Bank index saw some upside but failed to sustain near 50,100, closing 0.31 percent higher at 50,002. Kunal Shah, a Senior Technical & Derivative Analyst at LKP Securities, mentioned that a decisive move beyond 50,200 is needed for an upside breakout towards 51,000, while support lies around 49,500-49,400.
The consolidation phase suggests a potential trending move awaiting confirmation. The positive momentum indicators and fresh highs across sectors set the stage for a possible upmove in the near future, as indicated by the technical view presented by experts.
