Indian markets looked weak among high global sell off as it triggered a cycle and all world indexes traded lower on account of FOMC review decision to raise interest rates in June only if economic and global condition improves. Indian market looked to sustain its support but was hampered by election performance of BJP led government at opening hour of trading session which indicated BJP winning 1 state out of 4 and hence panic was created in market, So did Nifty 50 as it opened lower at 7876 and from there made low of 7767 before finally closing at 7783 shedding 86.75 points or down 1.10% in one single day.
We recommended buying HDIL (Fut) around 85 and 82. Flared like anything and made a high of 96.60. We booked part profit around 94.00.
We also recommended selling in Torrent Pharma (fut) below 1388. It made a low of 1369.85 before it closed at 1379.75 .We Full profit around 1372.
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Now what next??
Nifty futures looks weak among global sell off and global and economic uncertainty and looked weak throughout the day as news kept hampering the market as Nifty 50 futures opened at 7883 and from there made low of 7775.25 before settling at 7779.95 and shredded 102.35 points i.e. 1.30% decrease to index.
Nifty futures is settled at 7779.95. Showing near term resistance at 7850---7890.If this level is breached on may see resistance building at 7950---8010.
It has a near term support at 7730. Below this Nifty looks weak and may see panic till next support around 7680--7650.
7650 act as major support.
Bank Nifty traded with weakness throughout the day among the review decision to increase interest rates in June by FOMC meet and this hampered entire bank nifty as it opened lower at 16743 and from there cracked to make low of 16538 before closing at 16559.95 and therefore shredded 201.50 points or 1.20% decrease to index.
Currently Bank Nifty at 16595.95 has crucial resistance at 16700. If this level is breached in coming sessions one may see next resistance building around 17000-17100.
It also has a near term crucial support 16560.If this level is breached there can be panic and weakness as next support building below 16400--16350.
Today's Top Pick
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