The Nifty declined steadily throughout the day after opening above 15275. The 50-stock index ended flat but above 15200. It extended its gain to 3 days in a row and rallied 300 points during that time.
The Nifty Bank made a bullish continuation pattern called upside tasuki gap. The banking gauge snapped its 2 day winning streak after declining over 400 points from day’s high.
Nifty Small & Midcap indices snapped their 2 day gaining streak with more than 50 percent stocks declining.
The Nifty Financial Services index made a bearish evening star pattern on the daily chart, Nifty PSU Bank index made bearish reversal pattern called upside-gap two crows and Nifty Auto made a bullish continuation pattern after consolidation near its recent high.
Nifty Media gained over 3 percent to post the best daily performance since 1 March 2021 led by Dish TV as 8 out of 10 stocks ended positive. Nifty IT gained a percent and extended its winning streak to 3 days in a row with 9 out of 10 stocks positive. Nifty PSU Bank snapped its 4 day winning streak & declined over a percent. All PSU Bank stocks declined except SBI.
Foreign investors bought Indian equities worth Rs 960 crore in the cash segment on a provisional basis and bought Rs 1350 crore in the futures & options market. They increased the net long in index futures to 62 percent as compared with 60 percent on the previous day. That’s above the May average of 52 percent. Domestic institutions sold Indian equities worth Rs 564 crore in the cash segment.
