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WEEKLY RESISTANCE FOR NIFTY: 16300, 16500, 16700
PIVOT POINT: 16100
WEEKLY SUPPORT FOR NIFTY: 15900, 15700,
15500
WEEKLY
CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 16250, 16350, 16450
PIVOT POINT: 16150
DAILY SUPPORT FOR NIFTY: 16050, 15950, 15850
DAILY CHART FOR NIFTY
Our markets started the week on June 6, 2022 sluggishly as indicated by the SGX Nifty. Throughout the day, global signals improved greatly, but our markets did not move in unison. In the first hour, Nifty hit Thursday's low around 16450 and then stayed in a narrow range for the rest of the day with a modest recovery in the second half. Finally, the Nifty ended the session with a negligible loss just above the 16550 level. Similar to the previous session, we had a slow start on Tuesday 7th June 2022, convincingly below the 16500 level as reported by the SGX Nifty on displayed early morning. Later in the day, the weakness extended somewhat to sneak below 16400 crucial support towards mid-session. Fortunately, the corrective movement continued in the second half and indeed, with the help of a modest recovery in some of the heavyweights (particularly banks), the Nifty managed to defend the 16400 at the end. Global markets were looking somewhat cheerful on Wednesday morning 8th June 2022 and as a result we started the session with a decent upward gap a little below the 16500 level. In the early trades we started cutting gains and as we got closer to the RBI policy announcement, Nifty slipped slightly below 16300. However, after the announcement, the markets took off and within a very short time we were back in positive territory. At one point we even surpassed 16500 by a small margin. Markets were all set for a longer move but after mid-trade traders got nervous again and as a result we were back to the morning lows. Finally, the volatile session ended at 16350 with a loss of almost four tenths of a % from the previous close. The US markets had a weak session overnight and as a result the SGX Nifty indicated a sluggish start on Thursday 9th June 2022. Accordingly, our markets opened lower and showed the initial nerves, the leading index settled around the 16250 mark. In fact, some level of buying was observed in many of the heavyweight constituents throughout the day. This momentum accelerated in the second half of the day to end the session with over seven tenths of a % convincing gains above 16400. On Friday 10 June 2022, benchmark indices erased all of the previous days' gains, falling almost 2% after weakness in global counterparts amid fears of faster policy tightening. Investors are awaiting US inflation data due later today. The Nifty50 plunged 288 points, or 1.75 %, to 16,190 and the BSE Sensex fell 1,053 points, or 1.9 %, to 54,267 as all sector indices traded red.
NIFTY: A STRONG SUPPORT WILL BE @ 16200; STRONG RESISTANCE LEVEL
SEEN @ 17000
The mood in the June series of Nifty remains weak. Selling
advisable in the short term if the value increases. Only a mature trend
reversal will change the monthly outlook. Select stocks are available at
medium-term value levels while the risk/reward trade-off remains broadly
skewed. Liquidity remains the main reason for the current correction phase.
TECHNICALLY SPEAKING
The Nifty50 can continue its momentum to higher levels as long as it holds 16300. Here's what the technical charts are suggesting. The 16300 level will dictate the trend for traders, above that the momentum is likely to continue into the 16500-16600 zone. A new round of selling is possible if the index trades below 16,350 which could lead to 16,250-16,200 levels. The Nifty has formed a long bull candle at the low on the daily chart, indicating the bullish penetrating line pattern in a bullish sign. Further upward movements are to be expected in the short term. A lack of strength in slipping below 16,400 eventually caused the market to stage a strong rally.
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