The BSE Sensex surged by 418 points to reach 63,143, while the Nifty50 climbed 115 points to 18,716. The daily charts indicated a bullish trend, with the formation of a Bullish Belt Hold pattern, showcasing the dominance of bulls in the market.
On June 13, the market showed strength as the Nifty50 crossed the 18,700 mark and the Sensex went above 63,000 on a closing basis. This was fueled by easing CPI inflation and positive IIP data. Market participants also hoped for a pause in the Federal Reserve's rate hike during its June meeting.
The broader markets also saw an upward movement, with the Nifty Midcap 100 and Smallcap 100 indices rising by 1.22% and 0.7% respectively, indicating positive breadth.
Key support and resistance levels for the Nifty, as per the pivot point calculator, are expected to be 18,655, 18,632, and 18,595 for support, and 18,729, 18,752, and 18,789 for resistance.
The Bank Nifty witnessed volatility but managed to rise by 136 points to reach 44,080. It formed a bullish candlestick pattern on the daily charts.
For the Bank Nifty, the pivot point calculator suggests support levels at 43,941, 43,882, and 43,787, while resistance is likely to be encountered at 44,131, 44,189, and 44,284.
In terms of options, the maximum Call open interest (OI) was at the 18,900 strike, followed by 18,700 and 18,800 strikes. Significant Call writing was observed at the 18,900 strike, while maximum Call unwinding took place at the 18,700 strike.
Certain stocks, such as Torrent Pharma, Container Corporation of India, Maruti Suzuki India, Kotak Mahindra Bank, and Larsen & Toubro, witnessed high delivery percentages, indicating investor interest.
In terms of OI percentage, 14 stocks including Delta Corp, Hindustan Aeronautics, HCL Technologies, Bharti Airtel, and India Cements saw long unwinding, while 20 stocks including InterGlobe Aviation, Container Corporation of India, State Bank of India, United Breweries, and Federal Bank witnessed a short build-up.
Additionally, 72 stocks saw short-covering, as evidenced by a decrease in OI coupled with a price increase. Among them were Atul, Persistent Systems, JK Cement, Intellect Design Arena, and Havells India
