June 7, 2024 / 9:09 AM
Sensex Today | Banks to watch ahead of RBI policy: Aditya Gaggar, Director, Progressive Shares
Nifty50 ended the weekly expiry session at 22,821 higher after swinging on both sides. Indecision was seen between the bulls and bears as Nifty50 formed a spinning top candlestick pattern. The 22,485 level is acting as a support point while on the higher side, 23,080-23,130 are the immediate hurdles.
Banking stocks are likely to remain in focus in today’s trade due to the Reserve Bank of India’s monetary policy. Support for today is at 48,820 while resistance is at 49,700 levels.
In the automobile sector, battery stocks (Amara Raja and Exide Industries) are performing well as they are in a major uptrend and we have technical coverage on Amara Raja Batteries. In terms of auto manufacturing stocks, we are overweight Escorts and Hero Motocorp.
We have seen a correction in the FMCG sector, which I mentioned yesterday, in the form of profit taking, and this is likely to continue.
The IT sector is witnessing a strong reversal and today’s close will be a confirmation of the trend reversal.
Certain stocks in the pharmaceutical sector are expected to see buying, while the positive momentum in the real estate sector is expected to continue further. Ahead of the monsoon season, the fertiliser sector is seeing some buying and Dhanuka Agritech has come out of a bullish flag and pole formation.
