STOCK MARKET ; NIFTY BANKNIFTY VIEW & CALLPUT TIPS FOR 14 JULY 2022

On 13 July 2022 Wednesday’s trading session after experiencing volatility in the first half; markets moved down in the final hour of trading as weak global indices dampened sentiment. Despite the sell-off in recent sessions, investors were trading cautiously and not taking long bets amid recession worries in the west that could hurt demand. China's decision to impose restrictions to combat the spread of the virus is also making investors nervous. On daily charts, Nifty formed a bearish candle and closed below the 50-day SMA level after a long time. Another pullback rally is possible only after Nifty surpasses 16075 and above, the index could rally to the 16125 -16175 levels. On the downside, if the index trades below the 50-day SMA or 15900, a corrective wave is likely to continue. Below that, the Nifty could slip to 15850-15800. Contra traders can place a long bet near 15800 with a strict support stop loss at 15900. The Nifty has faced resistance from multiple technical parameters in recent sessions. Consequently, it saw a consolidation in the 16025-16250 range. On 13th July, the index broke the 16025-16000 key support on a closing basis. Thus, the short-term structure has turned in favor of the bears. 

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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

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On Monday 11 july 2022 markets remained in negative territory for most of the trading session, although they drifted into positive territory at some point towards the end before reversing the trend and ending in the red. IT stocks led the weakness in major benchmark indices after Friday's TCS Q1 results failed to cheer the road. Also, the downtrend in European markets in early trading continued to dampen sentiment at home. Market indices rebounded from intraday lows but ended with minor losses in the volatile July 11 session. At the close the Sensex was down 86 points at 54395 and the Nifty was down 4 points at 16216. Technically, after the early morning sell-off, the Nifty found support at 16150 and rallied sharply. We believe that the market is likely to continue with range bound activity in the near future. For traders, 16150 would act as the sacrosanct support level, while 16275-16300 would be the immediate resistance level. As long as the index trades above 16150 the uptrend wave is likely to continue to 16275-16375 and below 16150 the index could slide down to the 16025 level. The benchmark Nifty remained sideways throughout the session. For the intraday period, the index has held above its short-term moving average. The momentum oscillator RSI maintains its bullish crossover. Short term trend should remain positive as long as it holds above 16200. On the upper end, resistance is seen at 16300-16500.

Resistance: 16275, 16375, 16475

Support: 16175, 16075, 15975

HCLTECH Result Ahead On 12 July 2022

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IT major HCL Technologies (HCLT), which is due to report its April-June 2022 financial results on Tuesday (July 12), is expected to report sequential revenue growth of 2.9% on a constant currency basis for the quarter, despite strong revenue Growth will be offset by productivity commitments, while the brokerage firm's profit after tax (PAT) is expected to fall 7.9%. Revenue is expected to grow 1.4% sequentially in dollars (2.9% sequential at constant exchange rates) as strong revenue growth is offset by productivity commitments. It added that HCL Technologies could maintain its FY23 guidance of 12-14% currency-neutral revenue growth. Key ones to watch out for include: Details on new product business disclosures, FY23 revenue and margin outlook, Demand risk/outlook due to macro headwinds, Engineering Research & Development outlook, Product vertical growth forecasts and Platforms and Turnaround Progress, Mode 1 and Mode 3 Performance, Big Deal Wins and Pipeline. HCL Tech's subdued performance in a seasonally weak quarter. The company reports quarter-over-quarter growth of 1.4% in dollar terms on cross-currency headwinds of 60 basis points (basis points). Rupee earnings are expected to show revenue growth of 3.7% qoq. It expects its P&P business (products and platforms) to post a single-digit decline, while IT services and ER&D

NIFTY WEEKLY PREDICTION & TRADING TIPS FOR 11 JULY TO 15 JULY 2022

STOCKS QUARTER RESULT AHEAD

12 JULY 2022 DELTACORP , HCLTECH

13 JULY 2022 Mindtree Ltd

14 JULY 2022 ACC Ltd,Larsen & Toubro Infotech Ltd,Tata Elxsi Ltd

15 JULY 2022  L&T Technology Services Ltd

16 JULY HDFC 2022  HDFCBank Ltd,Bharat Electronics Ltd,ICICI Prudential Life Insurance Company Ltd

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: 16275, 16375, 16475

PIVOT POINT: 16175

DAILY SUPPORT FOR NIFTY:  16075, 15975, 15875

DAILY CHART FOR NIFTY

The Indian stock market enjoyed a strong trading day on the 1st day of the week in July, 4th July 2022, during which the initial hiccup that dogged the weak Asian markets resulted in a significant recovery. The benchmark Nifty index initially fell to 15660 sub-levels from where the bulls took charge and floated the index to settle near the daily high, gaining over half a% to end the day well above the level of 15800 to finish. The Indian stock market got off to a bullish start on July 5, 2022 as the benchmark index, the Nifty50, gaped up decently and surged above the psychological 16000 mark in the first half of the session. Although supply was a challenge in the higher spots, the bears showed their resilience in not letting the psychological mark be taken anytime soon and tightened their grip to reduce any gains from the session. With all the action, the index ended the day in red down just 0.15% and settled slightly above the 15800 level. The Indian equities sector had a subdued opening on July 6, 2022 despite weakness in Asian stock markets and continued volatility in the first hour of trading. Soon after, the benchmark index regained some stability and gradually marched higher towards the 16000 sub-zone. The general buying has lifted the general sentiment, resulting in a positive close of our market. The Nifty50 ended the day just below the psychological 16000 mark with gains of over 1.12%. The positive global cues had led to a promising start for our market at the July 7, 2022 weekly expiry meeting. The initial bullish gap in the benchmark index continued throughout the day, suggesting an encouraging sign for market participants. The attrition effect of positivity was visible across the board as the index decisively jumped the psychological mark. At the end of the session, the Nifty maintained gains and ended the day on a positive note at the 16133 level, raising nearly 1%. Market ended on positive note on July 8 with Nifty above 16,200. At close, the Sensex was up 303 points at 54481, and the Nifty was up 87 points at 16220.

NIFTY: A STRONG SUPPORT WILL BE @ 16000; STRONG RESISTANCE LEVEL SEEN @ 16500

The short-term structure appears bullish as the index has significantly recaptured the psychological 16200 level. Buying interest towards the end also bodes well for market participants as the Nifty closed near the high for the month. From here, the unfilled gap on the downside of the 16,000-15,800 odd level should act as a demand zone and cushion any minor blips. On the upside, the 16300-16400 sub level should be viewed as immediate resistance, a break of which could result in the next potential hurdle around the 16500-16800 zone.

TECHNICALLY SPEAKING

Sensex and Nifty 50 have raised past their key near-term resistance levels of 54000 and 16200 respectively. This is bullish for the Indian benchmark indices going forward. Sensex can rise 55000 while it sustains above 54000. Nifty can test 16300 and even 16400 as long as it trades above 16150.  The Nifty have formed a small positive candle on the daily chart with a long lower shadow, in a sign it is headed towards its next hurdle at 16300. A sustainable move above 16300 could open a sharp upmove with immediate support at 16100. index has crossed its 40-day exponential moving average in an attempt to fill up a gap created on the daily chart last month. We can see levels of 16300 -16400 from a short-term perspective. The maximum call open interest is accumulated at the strike price of 16300 , with 1.9 lakh contracts, and the next highest at 16400 , with 1.7 lakh contracts, according to exchange data. The maximum put open interest is at 16100 and 15500 with 1.6 lakh and 1.5 lakh contracts respectively. This suggests a strong hurdle after the immediate resistance level of 16300 at 16500 , and a strong cushion at 15500.

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 For the second day in a row, bulls propelled domestic headline indexes higher on 7 july 2022. The Sensex rose 427 points to close at 54178, while the Nifty settled at 16132 and added 143 points. Among stocks, Titan was the top performer, up 5.88%, followed by Tata Steel, L&T and IndusInd Bank. dr Reddys was the biggest laggard, down 1.3%, followed by Nestle India and Bharti Airtel. On the weekly futures and options expiry session, Bank Nifty was up 1.74%, while the India VIX was down 5.28%, giving up 20 levels. Domestic bourses reflected bullish sentiment in global equity markets as investors digested recent FOMC minutes, while falling crude oil and commodity prices lifted investor sentiment. This upward momentum could dominate markets in the near term, helped by hopes of a slowdown in inflation. The RBI's latest series of measures to boost FX inflows are expected to support the falling rupee. 

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The Sensex and Nifty continue their volatile journey with bulls and bears fighting among themselves on Dalal Street. On Wednesday, The Sensex was above 53400 levels while the Nifty index touched 16000.  Domestic stock markets began Wednesday’s trading session with gains. Sensex rose more than 250 points to breach 53400 while Nifty added 200 points to sit above 16000. Bank nifty index was above 34300 mark added more than 500 points.  while India VIX was in the red but still above 20 levels.  Nifty opened flat and has been inching to higher levels but has been trading in a range. The index has surpassed the 20 DEMA and is sustaining at higher levels which indicates strength. Any dip towards lower levels of 15725 can be utilized as a buying opportunity. India VIX is has cool off a bit and is at 20 level. However it needs to cool down below 18 level for stability and a directional move in the market. Now till it holds below 15750 zone we can expect move towards 16100 and 16200 whereas support at placed 15800 and 15700. Market breadth is positive which indicates that there support based buying at lower levels. With the selling pressure easing on approach to the 15750 region, marked as the critical level for tomorrow, the 16200 trajectory is expected to remain in play. However, oscillators look accommodative for some more slippage, before a stronger upswing evolves. Towards this end, we look forward to seeing dips being arrested near 15800. Slippage past the same could render the trend weak, exposing 15600 initially.

Resistance: 16100, 16200, 16300

Support: 15900, 15800, 15700

NIFTY BANKNIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 06 JULY 2022

It was a rollercoaster ride for the bulls & bears as the Nifty fluctuated in a broader range and finally settled around the daily low. Initially, supportive signals from Asia prompted a firm start which was further boosted by healthy buying in major banks and a recovery in metals, energy and pharma packages. In the second half, however, the tone changed completely and the index gave up all of its gains. Finally, the Nifty index ended in the red and settled at 15810. Similar to the benchmark, the broader indices ended with a slight discount. The Sensex and Nifty closed lower on Tuesday, giving up more than 1% of gains made during the day as investor sentiment in global markets soured, while the rupee hit a new record low on concerns over a wider current account deficit. The Nifty fell 24 points to 15810 while the Sensex fell 100 points to 53134.

News that the United States may decide to cut some tariffs on Chinese imports to control record-high inflation prompted Asian markets to trade mostly green on the international front. The strike by Norwegian oil and gas workers increased concerns of an energy shock in Europe and added to concerns about rising inflation, causing European markets to trade lower. Immediate support and resistance for Nifty come in at 15700 and 15900 respectively. Immediate support and resistance for Banknifty are 33600 and 34200 respectively.

Resistance: 15850, 15950, 16050

Support: 15750, 15650, 15550 

NIFTY OUTLOOK & SUPPORT RESISTANCE LEVEL FOR 5 JULY 2022

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The market endured a volatile trading session, Sensex above 53,200 as the bulls surged higher in the final minutes of trading. Nifty 50 was below 15850 but the bulls dominated the last hour of trading with Sensex adding 326 points to settle at 53234 while Nifty gained 83 points to end at 15835. The bulls returned to Dalal Street, ending a three-day losing streak on Monday as headline indices rose in the final hour of trading. Hindustan Unilever rose 4% as Sensex's top gainer, followed by IndusInd Bank, ITC and ICICI Bank. TCS was the biggest laggard, followed by Tata Steel, Mahindra & Mahindra and Dr. Reddy's Laboratories. Bank Nifty was up 1.2% to close at 33940 and broader markets followed. The Indian VIX slipped 1.32% to end at 21. Markets ended their three-day losing streak, helped by the backdrop of the constructive Morning Star pattern in Niftys' daily technical landscape, followed by Friday's Hammer Candle. The daily RSI is in the bullish crossover. In the short term, the index could move towards 15900/16000. At the lower end, support is visible at 15750/15650. It looks like investors are looking forward to a rebound and the optimistic takeaway is that Nifty could likely shoot to the psychological 16000 level with a two week perspective. Technically, Nifty's main support for Tuesday's trading can be seen at 15710. Expect a fall in selling below weekly support at 15450. Nifty's main hurdle is seen at 15925 and then all eyes are on the 16175 level.

Resistance: 15750, 15850, 15950

Support: 15650, 15550, 15450

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WEEKLY RESISTANCE FOR NIFTY: 15800, 16200, 16500

PIVOT POINT: 15500

WEEKLY SUPPORT FOR NIFTY:  15300, 15100, 14800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15850, 15950

PIVOT POINT: 15650

DAILY SUPPORT FOR NIFTY:  15500, 15400, 14950

DAILY CHART FOR NIFTY

We had a great start to the week as global markets looked jubilant in the absence of any unfavorable development. After opening at 15900, the markets failed to maintain the same momentum throughout the session. In fact, towards the end of the session, the Nifty came down a bit, eventually ending near the bottom of the day. Despite this, the leading index managed to close above the 15800 level, gaining more than eight tenths of a percent. On Tuesday morning, global clues were a little sluggish and as a result our markets started the session on a soft note. In early trading, the Nifty tested the key support around 15700. This was followed by a gradual recovery in the first half, eventually picking up some momentum towards the fag end of the session. As a result, Nifty ended the session with a negligible gain right at 15850. On Wednesday, US markets remained under pressure again and due to overnight weakness, our markets started the session nervously. Similar to the previous session, the Nifty tested 15700 in the initial trade and then rallied slightly during the remaining portion of the session. Eventually the Nifty continued to rush towards the 15850 level but with some profit taking towards the end it finally ended the session right at 15800. We had a flat start to the monthly expiry session on Thursday, June 30, 2022 amid mixed global clues. In the first hour the market rose a bit to challenge the 15900 level. However, at higher levels, the bulls got nervous again, leading to some profit booking to erase gains. During the remainder of the session, the Nifty consolidated in a small range to finally complete the June run convincingly above 15700. The Reserve Bank of India is keeping an eye on the rupee's exchange rate, Finance Minister Nirmala Sitharaman said on July 1 after the rupee hit a new record low against the dollar. The government is in constant discussions with the RBI over the exchange rate, Sitharaman told reporters in New Delhi on the sidelines of an event, adding that she is aware that a weaker currency translates into higher import costs. As of Friday, July 1, 2022, the Sensex was down 260 points to 52758 and the Nifty was down 78 points to 15702. Unfavorable signals from the domestic market led to a weak start to Friday on weakness in the rupee and sales at oil refineries as the government imposed an additional export tariff on petrol and diesel. Adding to the weakness, Indian factory output growth slowed in June as high inflation continued to dampen demand. However, the FMCG sector saw strong buying supported by falling commodity prices as prices were believed to have peaked.

NIFTY: A STRONG SUPPORT WILL BE @ 15500; STRONG RESISTANCE LEVEL SEEN @ 16200

During this week we have seen lethargic moves in major indices as we can see the trading range for Nifty shrink to just 180,200 points. Meanwhile, despite several attempts, the bulls have managed to successfully defend the key 15500-15300 support. On the other hand, 15900 16000 remains a stable wall. Now that we are entering a new range, 15900-16200 would be seen as the immediate range and a decisive breakout on either side should set the short-term direction.

TECHNICALLY SPEAKING

The Nifty started the week on a strong note but failed to build on gains. It has been consolidating throughout the week and in the last session it had strong swings in both directions. Short term support zone was placed around 15700-15650 which the index broke on July 1st but found support near 15500. The overall structure shows that the index is likely to see a consolidation in the 15500-15900 range in the coming sessions. It is expected to face selling pressure as it approaches the 15900-16000 zone. On the other hand, dips towards 15600-15500 can be used as buying opportunities.

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Domestic indices shook off a tenuous lead from the global market and recouped losses, helped by banking and energy stocks. Asian and European markets struggled to regain their footing amid global recession fears, resulting in a resurgent US dollar, which benefited from safe-haven demand. FII selling close to exhaustion provided solace to the nervous Indian market. Indian indices slipped slightly lower on Thursday, tracking weakness in global indices. The Sensex slipped 8 points to close at 53018 while the Nifty50 fell 18 points to end at 15780.

The Nifty Index is stuck in a sideways trend with immediate support at 15750 and resistance at 15850. Once the index breaks above the 15850 level, there will be sharp short coverage to the upside towards the 15900-16000 level. If the support at the lower end breaks, a drop towards the 15700 -15600 zone can be seen where fresh put writing can be seen. The battle between the bears and the bulls continued in the Bank Nifty index which resulted in the index ending on a flat note on the last day of the month. Immediate support on the downside lies in the 33500 -33300 range and upside resistance lies at 33800-35200 where a significant amount of call writing has been observed. The index needs to break out of this range on both sides for any directional movement.

Resistance: 15500, 15600, 15700

Support: 15400, 15300, 15200 

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The Sensex and Nifty ended a four-day winning run in a choppy session on Wednesday, as losses in finance and IT outweighed gains in oil and gas meters. Broader markets mirrored losses in both major indices, each falling about half a percent. Dismal US consumer confidence data dampened investor optimism and fueled fears of a recession. Investors worldwide were awaiting key US GDP data later in the day for clues. The Sensex fell 0.28% to 53026. The 30-stock gauge lost over 560 points (over 1) to an intraday low of 52612. The Nifty also fell by a similar magnitude to 15799. Nifty ended in the negative zone after two day of gains as the late morning rally after a gap down open fizzled out towards the end of the session. At close Nifty was down 51 points at 15799. There is no clear direction in the market due to mixed global cues. While the easing of Covid restrictions in China has contributed to some positive sentiment, weak consumer data from the US has raised concerns about growth and inflation. Looking ahead, we expect market volatility to persist within a broader trading range. Markets will react to the US GDP data in early trades and then the focus would shift to the derivatives monthly expiration. With the nifty hovering around its crucial 15850 hurdle, the recent drop in the banking index points to more pain ahead. Participants should exercise caution and focus more on overnight risk management. Global stock markets tumbled for the second straight day on Wednesday, amid growing fears that policymaker’s intent on curbing inflation could plunge their economies into recession. Nifty has shown signs of a rally from the opening lows over the past few sessions. However, it is unable to build on the in-session gains. Nifty could remain in the band 15650-15925 for the next few sessions.

Resistance: 15850, 15950, 16050

Support: 15750, 15650, 15550

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After a gap opened on the downside, positive global peers lifted domestic indices while oil prices rose on renewed supply concerns. Benchmark indices ended unchanged in the volatile June 28 session. At the close, the Sensex was up 16 points to 53,177 and the Nifty was up 18 points to 15850. The weaker rupee and rising bond yields limited risk appetite from domestic investors. Gains in commodity-linked stocks and optimism over China's easing of Covid restrictions supported global bullishness. Among sectors, the oil & gas, metals and autos indices rose the most, while the consumer discretionary and telecom indices fell the most. Asian stocks opened weak but rose as the day progressed. Global stocks rose on Tuesday despite higher crude oil prices as China eased its strict Covid protocols and allayed investor concerns about global growth. Markets experienced a rollercoaster ride in intraday trading, but selective buying in IT, metals, autos and oil & gas stocks helped the major benchmark indices end up recovering and posting modest gains. The early upturn in European markets and the recovery in other Asian gauges also gave a boost to local markets. Technically, after an early morning sell-off, the Nifty took support near 15700 and rallied strongly towards later stages. It has also formed a small bullish candle on the daily charts. Nifty ended positively after a day of fighting. The upward gap on the daily charts from June 28th has been filled during the course of the day, thus offsetting this bullish sentiment to some extent. A break of 15950 is needed to build on further gains. In the event of a fall, 15650 can offer assistance. Nifty remained volatile throughout the day before closing with a green candlestick formation. Lower end held 15700-15600 short term support. We think the uptrend formation is intact as long as the index is trading above 15800. Above that, the index could rise to 15900-16200. On the upside, a new round of selling is possible if the index manages to trade below 15700. Below that, it could retest the 15600-15500 level. Momentum indicator RSI is in a bullish crossover and rising. Trend looks positive as long as it holds above 15600. On the upside, 16000-16200 could continue to act as resistance.

Resistance: 15900, 16050, 16200

Support: 15750, 15600, 15450

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The bulls maintained momentum for the third straight session as buoyancy in global markets boosted sentiment. The rally was led by IT stocks, which had been relentlessly sold off in the recent sell-off. While the turnaround in sentiment comes as a major relief, the optimism could linger for a few more sessions before the market turns volatile on worries of a slowing global economy due to interest rate hikes and continued outflows of foreign funds. The Nifty crossed the 15700-15800 hurdle zone with a gap opening. However, the index failed to build on early gains and found itself in a consolidation mode after the positive start. Falling inflation expectations and the easing of COVID-19 restrictions in China, which boosted global commodities, helped calm global market sentiment. Nifty won for a third consecutive year on June 27, but gave up some gains throughout the day. At the end, Nifty was up 132 points to 15832. Volumes on the NSE remain low, suggesting traders are unconvinced to make a big bet. Nifty has entered the 15875-16175 down gap area in the current uptrend but has so far been reluctant to build on gains. 15925-15625 could be the range for the Nifty in the near future. Currently, the market is trading near its key resistance level and the chart structure suggests that there is a strong possibility of a quick intraday correction from the current levels. For day traders, 15850 and 15950 would act as immediate resistance levels. Below that, the corrective wave is likely to continue to 15750-15650. On the upside, the index could rally to 16000 above 15950 breakouts. Contra traders can place a long bet near 15750 with a strict support stop loss of 15650. Moving forward, the index may stretch higher before experiencing a brief consolidation near 15650 -15850. On the higher side, the Nifty is expected to test the crucial psychological mark of 16000, where there is also 20-DMA. The overall structure shows that the reference index can trade sideways to bullish in the short term.

Resistance: 15850, 15950, 16050

Support: 15750, 15650, 15550

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Niftybank index closed the week sharply higher and it seems that the support at 32480-32000 seems to be holding. Niftybank index seems to be a better buying opportunity than Nifty as the support is better defined. If Niftybank index moves above 33,750 we should see some more upsides towards 34700-34800. Most socks within the banking space are in an accumulation phase.  We see a good quality positive divergence in Niftybank index, thus raising a comforting thought there could be a sustained rally in Niftybank index. The MACD has curled to though it still is in a sell mode. A break above 33750 will be a trigger to buy Niftybank index.

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WEEKLY RESISTANCE FOR NIFTY: 15800, 16200, 16500

PIVOT POINT: 15500

WEEKLY SUPPORT FOR NIFTY:  15300, 15100, 14800

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 15750, 15850, 15950

PIVOT POINT: 15650

DAILY SUPPORT FOR NIFTY:  15500, 15400, 14950

DAILY CHART FOR NIFTY

Our market started the week on June 20, 2022 on a muted note amid weakness in Asian stock markets and followed a sluggish movement throughout the day. The benchmark index, the Nifty50, had a lackluster trading day, spending most of its time in a tight range with no clear direction. However, at the bottom of the tipping point, some traction was seen in the index, resulting in a positive close for Nifty with a gain of just 0.37% at the 15350 level. On Tuesday, June 21, 2022, the rise in global stock markets helped the domestic market become buoyant, with the benchmark index seeing a major move since the opening bell, lifting overall sentiment. The action certainly shows the urge of the D-Street bulls amid favorable conditions. The Nifty50 Index finally ended the day higher with gains of 1.88%, slightly below the 15650 level. On Wednesday 22 June 2022, weak Asian signals led to a subdued start in our home market, with the benchmark index having a gap-down open. The Nifty50 index continued to slide lower throughout the day and all of the pure pullbacks during the session were sold by the bears. Finally, the index ended the day slightly above the 15400 level with a fall of over 1.44%. On June 23, 2022, the Indian stock market experienced an immensely volatile weekly expiration session, with the benchmark index starting the session on an upbeat note. The index's initial brisk move was sold aggressively, pulling it towards the daily lows, but it soon rebounded from the lows, again buoying general sentiment. With all the days of rollercoaster rides, the Nifty finally ended the day in green with gains of nearly a percent, a bit above the 15550 level. Benchmark indices ended higher for the second consecutive day on 24 june 2022 with Nifty ending just shy of 15700. The Sensex closed 462 points higher at 52728, and the Nifty ended 142 points at 15699.

NIFTY: A STRONG SUPPORT WILL BE @ 15300; STRONG RESISTANCE LEVEL SEEN @ 16200

Equity benchmarks behaved contrary to our expectations as bearish global signals followed fears of rising global inflation and interest rate hikes weighed on investor sentiment. The pace of the decline accelerated on the break of the 15700 March low and continued to drift towards the 15200 level. We expect the index to gradually resolve higher in the coming months, extending the pullback towards the 16600 region, with a strong Support is placed near the 14800-14600 zone, which we expect to hold as it is an 80% retracement of the CY-21 rally (13596 -18604), at 14600. Hence, dips should be exploited, to build a portfolio by accumulating quality stocks in a staggered manner.

TECHNICALLY SPEAKING

After the correction of the past few weeks, equity markets ended this week with positive returns. Major key indices and most sector indices advanced over the week. The auto sector led the recovery amid softening commodity prices. On the other hand, the BSE Metal, BSE Energy and BSE Oil & Gas indices underperformed the broader markets. The correction in crude oil prices from the recent peak and the decline in commodity prices provided some relief to markets in an otherwise high global inflationary environment. The progress of the monsoon is an important factor to watch as a good monsoon would allay food inflation concerns. Equity markets are expected to continue reacting to news related to inflation, monetary policy and commodity price movements in the short term. Nifty ended the week with an inside candle. We see a bullish Harami pattern on the weekly chart. Since the pattern is a bullish reversal pattern, we can expect Nifty to see some upside in the coming days. Also, on the weekly timeframe, we see the candle close at the high of the weekly range. This is a bullish development. Meanwhile, Nifty failed to make a new low on the daily charts on June 16, 2022. This market reluctance to trade below the lows even after six days suggests that the market is in no mood to trade lower immediately. Nifty needs to break above 15900 to signal a rally to 16200-16500. Support in Nifty stands at 15500. A break below support and there might be a further drop to 15300-15000.

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Weak global markets and recession problems, according to the Fed chair, failed to discourage Indian stock markets. The domestic market shows the potential to maintain momentum in the short to medium term. Nifty recovered from the early afternoon sell-off on June 23 and closed higher despite fears of rising interest rates and a global recession. Finally, Nifty was up 143 points to 15556. Volumes on the NSE were in line with the recent average. Among sectors, Oil & Gas was the main loser, while Auto, Real Estate, Capital Goods, Telecom, IT and Healthcare indices rose the most. The advance ratio rose to well over 1:1. Small and mid-cap indices rose slightly more than the Nifty. Asian markets were mostly higher, although US markets were flat overnight. European equities fell and bond yields fell as comments from Federal Reserve Chair Jerome Powell and growth data in Europe stoked fears of a global slowdown. An indicator of economic activity in the euro area fell to a 16-month low. US stocks are heading for their worst first-half losses since the 1970s. Nifty appears to have bottomed higher at 15400 and is now set to make a higher high above 15750. A break down from 15350 could result in all bullish bets being removed from the table. Much of the current uncertainty led by the slowing economy and tightening monetary policy has been taken into account in the market, however FIIs continue to sell and limit the trend. Refined trend remains weak with resistance seen at 15850 – if not breached expect weakness to continue. The Nifty has recently entered short-term consolidation mode and accordingly is witnessing range-bound action. The index experienced strong swings near 15450-15550 on June 23rd. On the higher side, 15650-15750, which used to act as a support zone, is now turning out to be a resistance zone according to the principle of role reversal. The Nifty faces selling pressure as it approaches this area. Unless the 15700 level is taken out on a closing basis, the index is expected to remain in a mode of consolidation. On the downside, 15450-15350 is the near-term support zone, below which the index can test the recent low near 15200. Short-term volatility remains high. Overall, expect the pressure to continue while limited stock-specific, risk-defined opportunities are available. From a risk perspective, select auto, bank and mid-cap energy stocks look attractive. Expect continued selling pressure in the metals space.

Resistance: 15600, 15700, 15800

Support: 15500, 15400, 15300

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OR FILLUP YOUR NAME MOBILE NUMBER SEGMENT IN THE GIVEN FORM GIVEN HERE 👉👉👉 & SUBMIT IT, SO WE WILL CALL YOUAfter a breather, the bears took control of the markets, which ended in heavy losses. The benchmark started on a muted note, tracking weak Asian markets, and another bearish bias continued throughout the day as selling pressure mounted in metals, media and energy. Consequently, the Nifty closed 1.44% lower at 15413 levels. The broader markets, mid-cap and small-cap, closed in tandem with the benchmark. All sector indices closed lower. On Thursday, June 23, markets will initially react to the Fed Chair's speech scheduled tonight. Also, progress on monsoon, crude oil price and currency movements will be crucial to monitor. We reiterate our cautious stance on the markets and expect volatility to remain high in the near term. In the meantime, traders are advised to hold a hedging position while investors should focus on stock selection. Markets have fallen sharply below normal volume, suggesting a lack of decent buying to offset the selling pressure. Now Nifty has support at 15300-15250 while on upsides it might face resistance at 15600 and later 15700.

Resistance: 15500, 15600, 15700

Support: 15400, 15300, 15200 

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Markets continued the recovery for the second consecutive month, gaining almost 2%, following firm global cues. After an upbeat start, the benchmark moved from strength to strength for most of the day, however minor selling in the last hour erased some gains. Consequently, the Nifty closed up 1.9% at 15,638 levels. All sectors participated in the move, which saw media, PSU banks and metals gain maximum. The broader midcap and smallcap indices also closed higher, each up over 3.5%. Benchmark indices closed higher for the second consecutive day on June 21, with Nifty closing above 15,600. Finally, the Sensex rose 934 points to 52532 and the Nifty rose 288 points to 15638.This move has certainly taken some of the pressure off, but sustainability is key. Attendees eagerly watch the Fed's speech for clues, and the progress of the monsoon is also on the radar. With no negative indications in the market, the benchmark indices rose for the second straight day on Tuesday. Metal, state-owned banks and technology stocks were bargain-hunting after suffering heavy losses last week on fears of aggressive rate hikes. On the daily charts, Nifty has formed a promising bullish candle, supporting further upside from the current levels. However, the medium-term trend remains weak. For traders, support has moved from 15300 on Nifty to 15550 (and from 51200 to 52300 on BSE). As long as the Nifty is trading above 15550, the odds of reaching 15700 would become good. Another uptrend could also continue, which could take the Nifty to 15800. A decisive move above 15800 in Nifty can further fuel the rally into the 15900-16000 zone otherwise the decline would resume. Stocks, on the other hand, offer opportunities on both sides, so traders should plan accordingly.

Resistance: 15400, 15450, 15500

Support: 15350, 15300, 15250 

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Positive trends in global markets caused the domestic market to trade positively, with large caps gaining the most while mid and small caps continued to trade cuts. Benchmark indices ended the highly volatile session on June 20th on a positive note. At the close, the Sensex was up 237 points to 51597 and the Nifty was up 56 points to 15350. Upside was limited by prevailing inflationary pressures and concerns over monetary tightening. Among sectors, metals were the biggest laggards due to a sharp fall in commodity prices along with a slowdown in global and domestic demand. Markets finally breathed a sigh of relief and posted steady gains after initial optimism in major European indices led to selective buying in IT, financials and healthcare stocks. However, the bearish undertone can be read in the fact that strong selling in metals, oil & gas and capital goods stocks continued as concerns over a slowdown in growth caused these stocks to fall.