Indian fairness markets rallied for a 3rd straight day on Monday as prospects of a slowing financial development fanned hopes that world central banks could ease up on aggressive rate of interest hikes. The S&P BSE Sensex rose 433 factors, or 0.82% to finish at 53,161 and the NSE Nifty 50 added 132 factors, or 0.85% to shut at 15,832. Sectorally, the broad-based rally noticed the Nifty Auto index ending with 2% achieve, and the Nifty Metal index with 1.6% rally. In the broader markets, the Nifty MidCap and SmallCap indices gained 1% and a couple of% respectively. The market pattern could stay bullish for the shorter time period however concurrently revenue reserving from greater ranges is anticipated as we’re inching in the direction of month-to-month expiry, in response to analysts.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“Currently the market is trading near its important resistance level and the texture of the chart suggests there is a strong possibility of a quick intraday correction from the current levels. For day traders, 15900 and 15925 would act as immediate resistance levels. Below the same, the correction wave is likely to continue till 15750-15700. On the flip side, above 15925 breakout, the index could move up to 16000. Contra traders can take a long bet near 15700 with a strict support stop loss of 15660.”
Deepak Jasani, Head of Retail Research, HDFC Securities
“Falling inflation expectations and easing of COVID-19 restrictions in China that lifted global commodities helped assuage sentiments in global markets. Volumes on the NSE continue to be on the lower side suggesting lack of conviction on the part of traders to take a big bet. Nifty in the current uptrend has entered the 15886-16172 downgap area but has so far hesitated to build on gains. 15927-15638 could be the range for the Nifty in the near term.”
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Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“ECB’s three-day forum in Portugal’s Sintra gets concluded on Monday against a backdrop of worries over whether the global economy could get into a recession. Investors will closely watch Wednesday’s panel discussion with Lagarde, Powell and Bailey for insights on how the central bank heads view the trade-off between curbing inflation while still trying to ensure a soft-landing for the global economy. Investors will also keep an eye on slew of economic data due this week for US, UK, India and China. We expect market volatility to continue this week with Nifty approaching its strong resistance around the 16,000 mark.”
Om Mehra, Research Associate, Choice Broking
“The Indian market surged and continued its up-move on Monday’s opening bell. The trend may remain bullish for the shorter term but simultaneously profit booking from higher levels is expected as we are inching towards monthly expiry. Technically, Sustaining above 16000 levels on Nifty this week could result in acceleration of the uptrend, while 15,550 needs to be protected on the downside. If the Nifty breaches 15,350 on the downside, then the recent bullishness gets negated. On the other hand, Bank nifty has support at 33000 levels while resistance at 34500 levels. In coming days Crude, USDINR and Gold may drive and impact volatility in the Indian market as well.”
Source: www.financialexpress.com”