29 June 2021, Post Market Report: Consolidation continues. Pharma supports the day.
As you see below, on the daily charts, the nifty continued to move downwards, the second day, even when the US markets are touching all-time highs for the past few days.
From the time market opened, the nifty kept falling after a small move, took support at 15750 and then by end of the day, broke the days low, but still retracted and closed at 15748. so 15750 is not major support and, we have seen 15900 as a major resistance. We need some really positive news to get back to the top. Will the auto sales day provide that? we need to see in the coming days.
Pharma & FMCG led the day supporting the nifty during the fall, but metals & PSU banks led to major falls.
The top gainer for the day was Powergrid, which has been consolidating for a few days now, I guess most of our members are already holding it and hence would be happy to see it go up. This could be because Power Grid Corporation of India Ltd (PGCIL) will seek shareholders' approval for the issue of bonus shares by capitalisation of reserves worth about Rs 1,743 crore in an extraordinary general meeting (EGM) next month. The special resolution to capitalise reserves of Rs 1743,86,32,160 for issuing bonus shares in the ratio of 1:3 is listed on the agenda of the EGM scheduled on July 20, 2021
Cipla went up by 1.76% after the pharma company had filed an application with DCGI seeking approval to import Moderna’s COVID-19 vaccine on June 28.
IOC, ONGC were the top losers for the day as they consolidated after the rally for few days.
That's it, for now, team, let's meet tomorrow with the Pre market report to see what we can expect tomorrow.
- Srikant Rajan