NIFTY PREDICTION & LIVE OPTION CALL PUT TIPS FOR 13 JULY 2022

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Indian equity benchmarks Sensex and Nifty50 fell around a percent on Tuesday amid weakness in global markets as investors continued to be nervous about sharp rate hikes and their impact on economic growth. Losses in most sectors dragged headline indices lower, with financials, IT and FMCG stocks being the main detractors. The Nifty Midcap 100 and Nifty Smallcap 100 indices each fell about half a percent. Shares of HCL Tech fell almost 2 percent as investors anticipated the IT company's financial results due later in the day. As for India, our own history is not that problematic, but our inflation is on the higher side. But part of that is imported inflation, driven significantly by fuel prices, which are a big factor in the Russia-Ukraine problem. After the weak start, the benchmark continued to drift down and settled around the daily low. Consequently, the Nifty index settled at 16058; down 1%. Profit-taking was widespread and most sector indices closed lower.Markets would react to inflation data from India and US in early trades. Rate hike fears are back in the focus of global markets ahead of the release of CPI numbers. Inflationary pressures combined with strong US jobs data would keep the Fed on course for aggressive rate hikes. On the domestic inflation front, retail inflation for June is expected to come in at 7.03%, flat with previous months. Demand concerns as virus cases rebound in China forced crude oil to trade lower. After last week's short term rally, the Nifty has reached the crossing of its daily upper Bollinger Band, the upper end of a falling channel on the daily chart and the upper end of a rising channel on the hourly chart. He then entered a brief mode of consolidation. In terms of the Fibonacci retracement, the index attempted to scale past the 61.8% of June's decline but failed to hold higher. The narrow consolidation range was between 16050 and 16250. The index is now approaching the lower end of the consolidation range, 16000 to watch closely on a closing basis. A break of 16050 on a closing basis will pull the index into a short-term corrective mode. The Bank Nifty Index formed an inside bar candle on the daily chart, indicating the market is stuck between 35500 and 35000. The undertone remains bullish as long as the mentioned 35000 support is held on a closing basis. Upside resistance, if taken out, will see rapid movement towards the 35800-36000 level where the highest open interest is being built on the call side.

Resistance: 16100, 16200, 16300

Support: 16000, 15900, 15800