Nifty closed lower on June 1 for the second straight month. Nifty opened flat and started falling slightly after 11:45. It formed a bottom at 2:45 p.m., after which a small recovery was seen. At the close, Nifty was down 38 points at 16546. Volumes on the NSE were lower than recent averages. Nifty has gradually corrected the earlier move higher and may soon see the next leg up. 16414 is an important support. Indian benchmark indices ended the day negative with Nifty50 closing at 16522 and Sensex closing at 55381. Benchmark indices got off to a cautious start given mixed global market signals. Markets entered green territory late morning, led by strong buying in metals, PSU and oil & gas scrips. But soon the euphoria faded as the sell-off in IT scrips dragged the market into negative territory below the crucial 16525 level, although markets rallied in the last session and closed above the crucial level 16500. On the technical side, the key resistance levels for Nifty50 lie at 16600 and on the downside, 16400 can act as a strong support. The key resistance and support levels for Bank Nifty are 36000 and 35200 respectively. Nifty remained choppy for the coming days as the benchmark index ended with no directional move. On the upside, 50-EMA acted as a key resistance. However, the Nifty did not slip very far from the previous close. The trend remains sideways in the short term. Support is visible at 16350 while on the upper end resistance at 16600 is likely to remain intact.
Resistance: 16550, 16650,
16750
Support: 16450,
16350, 16250
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