D St retreats from record highs on profit booking
On June 12, the market rebounded after a two-day correction, closing with moderate gains. The BSE Sensex rose 99 points to 62,725, while the Nifty50 climbed 38 points to 18,602.
The CPI inflation dropped to 4.25 percent in May, the lowest in 25 months. The Nifty formed a Doji candlestick pattern, suggesting the possibility of an upside bounce. Immediate support is at 18,500 levels, while crucial resistance is placed at 18,800 levels.
The Nifty may find support at 18,570, 18,553, and 18,524, with key resistance at 18,626, 18,644, and 18,672. In terms of options, the 18,700 strike holds the maximum Call open interest, followed by 18,800 and 18,600 strikes. Stocks with high delivery percentage include Tata Consumer Products, HDFC, Navin Fluorine International, Coromandel International, and Dalmia Bharat.
80 stocks witnessed a long build-up, such as Manappuram Finance, Hindustan Petroleum Corporation, Ipca Laboratories, Delta Corp, and BPCL. On the other hand, 12 stocks, including Larsen & Toubro, ITC, Maruti Suzuki India, Bharat Electronics, and Aurobindo Pharma, saw a long unwinding based on declining open interest and price.
