Key things to know before share market opens on 30 June, 2023: Will Nifty top 19,000 or give up gains? See SGX Nifty, FII data, US shares, crude, more before market opens

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The SGX Nifty recorded a 0.20% gain during Friday’s early trading session, with a value of 19,188.5 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex were closed for trading on Thursday on account of the Bakri Eid holiday. However, on Wednesday, the indices climbed to fresh highs, with Nifty surpassing the 19,000 level and Sensex climbing above 64,000.

“After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The market’s bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors,” said Vinod Nair, Head of Research at Geojit Financial Services.

Key things to know before share market opens on 30 June, 2023

Wall Street

The Dow and the S&P 500 rose on Thursday as bank shares rallied after major lenders cleared the Federal Reserve’s annual stress test, while strong economic data stoked expectations of further interest rate hikes from the central bank. S&P 500 gained 0.46%, the Nasdaq Composite settled flat, and the Dow Jones Industrial Average rose 0.79%. 

Asian Markets

Shares in the Asia-Pacific region were trading in the mixed on Wednesday. China’s Shanghai Composite gained 0.4% in trade, while Japan’s Nikkei 225 fell 0.58%. Hong Kong’s Hang Seng index gained 0.49% while South Korea’s Kospi was higher by 0.32%. The Taiwan Weighted index recorded a loss of 0.64%.

Crude Oil

Brent crude oil prices were little changed in early trading on Friday, but were set to notch their first monthly gain this year as a steep drawdown in oil stocks and OPEC+ plans to cut output outweighed demand fears stemming from rising interest rates.


Foreign institutional investors (FII) net bought shares worth net Rs 12,350 crore, while domestic institutional investors (DII) net sold shares worth net Rs 1,021.01 crore on June 28, according to the provisional data available on the NSE.

F&O Ban

The National Stock Exchange has L&T Housing Finance and Manappuram Finance on its F&O ban list for 30 June. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.

Bank Nifty Outlook 

“The Bank Nifty index experienced a strong bullish momentum as the bulls maintained control and pushed the index higher throughout the day. The previous resistance level of 44,000 has now transformed into a strong support level, providing a cushion for the bulls. On the upside, the immediate hurdle is now at 44,500, where call writing is visible. Once this level is surpassed, it is likely to lead to further upside towards the 45,000 mark. Traders and investors should adopt a buy approach, using the mentioned support level as a stop loss and waiting for higher levels to be achieved,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Technical View

“The short-term trend of Nifty continues to be positive. Having surpassed above the crucial overhead resistance of 18,900 levels on Wednesday, there is a possibility of more upside towards 19,100-19,200 levels in the next few sessions before shifting into consolidation/minor weakness from the highs. Immediate support is at 18,830 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. 

Levels to watch

“The Nifty Index will slow its speed of rally beyond 19,200 and face some resistance at the 19,500 level owing to the highest call writers being present. We expect Bank Nifty to pace up in the next leg of this rally as even today we saw significant build up on it. Out of public sector banks, SBI looks good having broken out from a demand level and is displaying a good chart formation,” said Rahul K Ghose, Founder & CEO, Hedged. 


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