Markets on monthly basis ended with losses of 3% but late recovery during the month above 16,500 in Nifty has reinforced a positive trend in the near term.
On the monthly candlestick chart, Nifty has formed ‘Long lower shadow’ pattern. The long lower shadow candlestick is a technical indicator that is used by traders to identify a reversal in the market trends. The pattern features a short body on the upper end of a candle, with a long lower shadow.
The lower shadow in the candle is typically at least two times longer than the length of the body. This pattern can act as a trigger for the Nifty to hit 18500 in the month of June.
Adding to it, yesterday there was a spike in trading activity, which led to a surge in daily turnover to Rs 117000 crores; this is also an indication of a big upswing in the coming days.
Bank Nifty & Spread of (Nifty 50- Nifty 500) Index
Stocks To Watch
Positive Read Through
- Bharat Dynamics Gets Rs 29.71border from the defense ministry for Astra MK-I missiles, equipment
- Bank of Baroda Board recommends a revised dividend of INR2.85/share
- HFCL Ltd. Gets Rs 2.37border for optical fiber cables
- JetFuel (ATF) price cut by 1.3% to Rs 1.21 Lk/kL in Delhi
- Infosys says demand remains strong, no risk to 13-15% revenue guidance
- Bata India- To sell 2.8% stake at floor price of Rs 1,750 i.e 7% discount
- Wipro adopts RISE with SAP, sharpens focus on cloud adoption as means of transformation for customers
- HCL Technologies Acquires Digital Banking and Wealth Management Specialist Confinale
Negative Read Through
- Asian Granito Says tax dept search at various locations of the company; will inform exchanges when tax dept shares findings
- Vodafone Idea Says no proposal is being considered by the board as in the media report of investment talk with Amazon.
- GAIL, IOC, HPCL- Reports indicate pipeline monetization on hold
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