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Indian benchmark indices closed lower
on June 15, continuing their losing streak for a fourth consecutive month as
market participants awaited Federal Open Market Committee (FOMC) meeting
decisions expected later in the day. At the close the Sensex was down 152
points at 52541 and the Nifty was down 40 points at 15692. After a positive
start, the market erased gains and remained volatile throughout the session,
with selling in Power, IT, Metals, Oil & Gas, Real Estate and FMCG names.
Emerging fears of stagflation and volatility ahead of the Fed meeting decision
forced the market to close flat on a negative bias. An aggressive rate hike of
50-75 basis points has been largely priced in by the market, but updated
economic and interest rate forecasts will guide the trend going forward. The
Nifty remained volatile ahead of the FOMC meeting outcome. Index lower support
is at 15600 where a fresh put write has been observed and if it fails to hold
above there will be more selling pressure. The upper terminal resistance is at
15800, where the highest open interest is built on the call side. Banknifty
had a range bound session and will see sharp moves on both sides post FOMC. The
immediate hurdle at the top end is 34100 and a break will see short positions
re-covered. The lower support lies in the 33200-32800 zone, which used to act
as a demand zone.
Resistance: 15800, 16000, 16200
Support: 15600, 15400, 16200
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