Top gainers & losers for the week: Hexaware, Jain Irrigation, Jet Airways top the charts
The Nifty50 started off selling at the word go and fell further in the latter part on June 21 after escalating tensions between US-Iran and RBI Government comments.
The index closed way below 11,800 levels and formed Bearish Belt Hold pattern on the daily charts and bearish candle on the weekly scale. For the week, the index lost 0.8 percent, continuing downtrend for the third consecutive week. The index has recently taken multiple support near 50 DEMA at 11,650 zones but the absence of buying interest is also visible at 11,850 zones, experts said, adding that bearish candle on daily, as well as weekly, scale, indicates that bears are restricting its upside momentum. The Nifty50 opened lower at 11,827.60, which was also an intraday high, and extended selling pressure in the second half to hit a day's low of 11,705.10. The index closed lower by 107.70 points at 11,724.10.
Suzlon Energy added over 10 percent for the week. The stock jumped the most in five months on June 20. Lenders are likely to consider the beleaguered wind-turbine maker's plan to sell its operations and maintenance business to pare debt. The firm plans to offer a so-called one-time settlement to the lenders led by SBI using the proceeds of the sale, sources said.
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