June F&O rollover: Nifty50 marks 4th monthly gain as FIIs stay bullish; FinNifty, Bank Nifty lead

FinNifty, Bank Nifty lead

The Nifty Financial Services Index (FinNifty) emerged as an outperformer, rallying around 6% and reclaiming fresh all-time highs post a multi-week consolidation. This was followed by Bank Nifty, which closed 3% higher. Auto and metal sectors also ended in green but underperformed the broader benchmark.

On the other hand, IT and Pharma indices remained directionless with muted performance. FMCG Index traded in a narrow band and declined for the second consecutive series.

The data showed that Nifty Smallcap 100 maintained a constructive structure with a 5% gain.

Nifty’s consolidation zone has shifted its structural base upward to the 25,000 mark, said Amit Trivedi, Senior Technical Analyst, YES Securities. A brief phase of throwback or minor consolidation is anticipated, post which the index could progress toward the 25,800–26,000 zone, he said.

“We reiterate our bullish stance on Indian Bank. A constructive price structure, supported by long build-up and rolls of 73% suggests more room on the upside,” Trivedi said.