Stock Market News: Although the domestic benchmark indices, Sensex and the Nifty 50, ended the Friday session in the red after rallying for four days, but they ended the month with their biggest gain in 2024 thanks to the return of foreign capital and the return of Prime Minister Narendra Modi to the fold.
Nifty 50 did not finish Friday's trading session in the green, even though it reached a new high of 24,174. Nevertheless, it was able to cross the 24,000 threshold and, more significantly, close the week with a gain of more than 2%.
The 30-share BSE Sensex ended lower by 210.45 points or 0.27% at 79,032.73 level while the Nifty 50 closed at 24,010.60 level, down 33.90 points or 0.14%.
Also Read: Stock market today: Nifty 50, Sensex slip from record highs, snap their 4-day winning run
Although it was an outperformer throughout the earlier part of the week, Bank Nifty has now been an underperformer. On the other hand, the broader markets, the Nifty Smallcap Index gained 0.71% while the Nifty MidCap 50 closed above the dotted lines, up 0.84%.
The market will be guided by key domestic and international economic data, including the HSBC India Manufacturing PMI, HSBC India Services PMI, S&P Global Manufacturing PMI (Jun), ISM Manufacturing PMI, Fed speech, JOLT job opening data, ADP Nonfarm Employment Change, Initial Jobless Claims, and Unemployment Rate decisions, according to Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
On expected lines, Bank Nifty resolved higher and logged a fresh lifetime high of 53180. We expect, Banking index to consolidate in 53,500-51,000 amid overbought condition of weekly stochastic oscillator.
Buy State Bank of India (SBI) in the range of ₹825-850 for the target of ₹945 with a stop loss of ₹788.
Buy Deepak Nitrite Ltd in the range of ₹2,420-2,510 for the target of ₹2,850 with a stop loss of ₹2,288.
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