Domestic headline indices closed with losses on Monday, kicking off the week on a sombre word. S&P BSE Sensex slipped 86 factors or 0.16% to settle at 54,395 whereas the NSE Nifty 50 moved 4.6 factors decrease to finish at 16,216. Broader markets, nonetheless, outperformed the benchmarks and closed with features. Entering the second day of commerce this week, SGX Nifty was down with losses, suggesting a gap-down begin for Sensex and Nifty. Global cues have been additionally weak after Wall Street fairness indices closed within the pink. Asian Stock markets mirrored the autumn. India VIX remains to be under 19 ranges.
Global watch: On Wall Street, NASDAQ tanked 2.26% on Monday, adopted by the S&P 500 and the Dow Jones. Among Asian inventory markets, Shanghai Composite, Hang Seng, Kospi, KOSDAQ, Topix, and Nikkei 225 have been all down with losses.
What do the charts say: On the day by day charts, a protracted bull candle was shaped after opening decrease. “This pattern signals a consolidation in the market after a recent sharp up-move. This is a positive indication and signals a lack of selling participation in the market at the hurdle of 16,200-16,300 levels,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Nifty’s minor weak point and range-bound motion may lead to formation of robust base round 16,050 ranges, in line with Shetti.
Levels to be careful for: “The momentum oscillator RSI maintains its bullish crossover. The short-term trend is likely to remain positive as long as it holds above 16,000,” stated Rupak De, Senior Technical Analyst at LKP Securities. He added that resistance is at 16,300. Meanwhile, Nagaraj Shetti believes the short-term uptrend standing of the Nifty stays intact and the market is taking a brief halt earlier than displaying additional up-move within the close to time period. “Hence, the current range movement within 16100-16250 levels is likely to extend for the next session. A sustainable move above 16300 could be viewed as strengthening of upside momentum,” he added.
FII and DII trades: Foreign Institutional Investors (FII) have been web sellers of home equities for the fourth consecutive day. However, the promoting has been delicate at simply Rs 170 crore on Monday. Domestic Institutional Investors have been additionally web sellers, pulling out Rs 296 crore.
Call and Put OI: For the July collection, Call Open Interest (OI) is probably the most at 17,000 strike, adopted by 16,500 strike. On the opposite hand, Put OI is probably the most at 15,000 strike, adopted by 15,500 and 16,000.
Source: www.financialexpress.com”