Latest Stock Market News

The 200-day daily moving average (DMA) is used as a key indicator by traders for determining the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

From the lows of March’23, the Nifty index has staged a smart pullback of 10% over the past 2 months. The Nifty Auto, Nifty Bank, and Nifty FMCG sectoral indices are at lifetime highs.

Three stocks, Indiabulls Housing Finance, Manappuram Finance, and India Cements, have been put under the Future & Options (F&O) ban for trade on June 7. The ban period occurs when open interest (OI) exceeds 95% of the market-wide position limit. For traders in indices, there is no such ban. Indian frontline indices have seen minor gains after a period of sideways movement. The Nifty50 is buoyed by a global easing of inflation and high optimism from key players, even after an underwhelming earning season. Upcoming monetary policy announcements suggest a potential rate cut.

Well, for stock markets what matters is that any kind of GDP growth outlook translates into a good corporate profit outlook and that is to do with business execution.

​Aggressive new short positions on 5 counters is a bearish indicator, as it signifies that the futures OI has increased while price has decreased.​

The S&P BSE Sensex and Nifty50 are expected to consolidate following positive global cues, as India VIX rises by 2.15% from 11.12 to 11.38. Maximum call OI is at 18600 with maximum put OI at 18500, causing a broader trading range between 18300 and 18800 and an immediate range between 18450 and 18700 zones. Nifty is holding above 18580 zones for an up move towards 18666 and 18750 zones, with downside support at 18480 and 18442 zones. Stocks such as HPCL, RCF and Jindal Steel are recommended for trading with a short-term horizon.

Foreign institutional investors (FIIs) have spent nearly Rs 44,000 crore on Indian stocks since March, with more than a third of that amount used to purchase banks and other financial stocks, according to NSDL data. FIIs are overweighting financial services 6.73% compared with the MSCI India Index. In comparison, the index has an overweight stance averaging 7.83% over the past six months. The FIIs’ overweight positioning in the sector has decreased by 100 bps over the last fortnight, primarily due to the weightage of banks in MSCI Index increasing from 13.18% to 14.14%.

IKIO Lighting was fully subscribed within five hours of opening on Day 1, led by heavy bidding from retail investors and non-institutional investors. The IPO closes on June 8 and investors can bid for 52 shares in one lot, where one share is being offered at a range of Rs 270-285.

The Nifty IT index was trading 0.4 per cent up at 28804.2.

Consolidating in a narrow range for the past three weeks and we expect it to break out on the upside.