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In today's trading session, the Nifty posted a
significant gain, fueled by hopes for a dovish stance from the Federal Reserve
during the upcoming FOMC meeting on June 14th. This positive sentiment led to a
new uptrend on Dalal Street. Looking ahead, the key support level for the Nifty
lies at 18417, while the main obstacles lie at 18664. If the Nifty surpasses
18664, it could trigger a major rally towards its all-time high of 18888. These
developments suggest positive market sentiment as investors anxiously await the
outcome of the FOMC meeting and the key support levels and keep a close eye on
resistance levels for further market direction. Global sentiment improved
after the US reported impressive jobs data, fueling hopes of a Federal Reserve
pause in interest rate hikes at its upcoming meeting. Meanwhile, OPEC+ has
decided to cut overall production targets by another 1.4 million barrels per
day (bpd) through 2024, which could keep crude prices steady. Nifty opened
higher and stayed in positive territory throughout the session to close up 60
points at 18,594 points. The journey north continued in mid and small cap
stocks. Most sectors ended in the green except for FMCG, IT and PSU Bank. Auto
and private banks were the biggest gainers among sectors. Markets would react
to the services sector PMI data, which would be released worldwide later today.
Nifty is slowly approaching its lifetime highs, helped by the heavyweights of
the Smart Gains Index. Auto and financial stocks are likely to be the focus
ahead of this week's RBI monetary policy meeting and look set to remain
buoyant. Nifty is expected to trade in a range with strong support at 18400 and
a strong hurdle at 18800. Bank Nifty has closed below its previous breakout
range of 44150 for the third straight day with weakness seen in HDFC Bank. The
index is expected to trade in a range with 21ema at 43600 providing strong
support and 44000 remaining as immediate resistance.
Resistance: 18650, 18750, 18850
Support: 18550, 18450, 18350
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