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Nifty formed a bullish candlestick on the daily chart as the closing was higher than the opening level.

At close, Sensex lost 0.25 percent, or 134 points, to end the day at 53027, while the broad based Nifty ended lower by 32 points, or 0.21 percent, at 15799.

Nifty once again succumbed to selling pressure in late trade and closed 0.21 percent lower at 15799, a day ahead of the monthly expiry of June futures & options contracts.

Markets will react to the US GDP data in early trade and then the focus will shift to monthly derivatives expiry.  While the Nifty has been hovering around its crucial hurdle of 15,900, the recent decline in the banking index is pointing towards more pain. Participants should maintain caution and focus more on overnight risk management.

Global stock markets slipped for the second straight day on growing fears that policymakers bent on dampening inflation will tip their economies into recession.

Consumer confidence is declining rapidly due to the uncontrolled & constant rise in inflation. India had to bear the double whammy effect of a dampening global equity market and rising crude prices as major suppliers like Saudi are unable to boost the output in the short-term. However, the domestic market was able to recover most of the losses due to the strong movement of index heavyweights, PSUs, metals and oil & gas stocks before slipping some gains by the end of the day due to volatile global market.

Nifty has shown signs of rising from the opening low level over the past few sessions but is not able to build on the gains. Nifty can remain in the 15638/15927 band over the next few sessions.

Nifty appears to be consolidating between 15900 and 15700 level, it generated a sell signal on our twin momentum oscillators post Wednesday’s price action.

Apart from the supplies emanating from the bearish gap zone of 15886 and 16172 level, the 20day  simple moving average (15912) appears to be capping the prices for the last three sessions. Unless the index closed above 15927, strength should not be expected

If the Nifty fails to sustain above 15687 in the next session, it will attract intraday selling with an eventual target placed at around 15400.

Considering monthly expiry in the next session, markets may witness volatile and choppy moves. Traders should remain neutral in the next session.

Among sectors selling was seen in bank, IT and FMCG names, while the midcap and smallcap indices also ended in the red.

Daily Technical Report | 30th June 2022
Nifty & Bank Nifty Levels | 30th June 2022
LevelsNiftyBank Nifty
Prev. Close1569933627
S11561833412
S21554233272
S31546233056
S41536732767
R11575833806
R21586534126
R31594834484
R41602234765

 

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B.RAJENDRA

B.E (Bachelor of Engineering – ECE) 1988-1992
SEBI Certified Research Analyst

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