Despite faltering on the last trading day, Indian equities for the week ended June 28 ended sharply higher after logging fresh highs day-after-day. Both the headline indices ended over 2 per cent higher lifted by buying in heavyweights. At the close of the week, the Nifty 50 index ended a24,010.6 points, up 34 points or 0.14 per cent, while the leaner BSE Sensex 
ended weak by 0.27 per cent or 210.45 points at 79,032.73.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Nifty Bank index, after hefty gains of over 3 per cent in the past week, yet again ended the week on a positive note with gains of over 1 per cent at 52,342.25.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said the index experienced its first meaningful correction after a nonstop rally in the past week.

 For the selling pressure to continue, there needs to be follow-up selling; otherwise, the index may get stuck in a consolidation range. The immediate support is at 52000, where the highest open interest is built up on the put side, while the immediate resistance lies in the 52700-53000 zone, added Shah.

Prashanth Tapse, Senior VP (Research), Mehta Equities noted that profit taking in banking stocks led the downfall in key benchmark indices, which had hit fresh intra-day highs in early optimism. 

While markets displayed volatility and ended weak in late selling, both Sensex & Nifty managed to close above their psychological levels of 79k and 24k respectively, he added.

Renewed FII buying in the current month so far and Indian government bonds inclusion in JP Morgan EM bond index had triggered a major rally this week, but markets could turn volatile once again as higher valuations and no change in interest rate stance could prompt investors to book profit at regular intervals, opined Tapse.

Sectoral gainers/losers 

Sectorally,  Oil and Energy pack led the gains with gains of over 3 per cent  followed by the IT FMCG indices. Meanwhile, the laggards during the week turned out to be Realty and Metal indices.