Nifty 8592 /Sensex 27782/Bank Nifty 19195
15 Advances /36 Declines/ 0 Unchanged
Sensex falls 224pts, Nifty below 8600 on F&O expiry, global cues .
Federal Reserve policymakers are signaling they could raise US interest rates soon but they are already weighing new tools they may need to fight the next recession.
The market is likely to be wobbly today following weak global cues. The market will first react to comments from US Federal Reserve Chair Janet Yellen indicated an interest rate increase remains on the cards for this year. On Friday, following the speech, Wall Street had ended a rangebound session lower.
Most Asian share markets slipped on Monday while the US dollar held firm on Monday after US Federal Reserve Chair Janet Yellen indicated an interest rate increase remains on the cards for this year
Any hawkish view on interest rate might result in outflow of foreign funds from the emerging markets like India in the near term
Till now Monsoon is also 2 percent less than the normal expected.
The 30-share BSE Sensex was down 53.66 points at 27782.25 and the 50-share NSE Nifty declined 19.65 points to 8572.55. About 1551 shares declined against 1075 advancing shares on the BSE.
Bank Nifty too remained volatile and dropped 109 points and closing at 19195.
Our recommendations
In Reliance Capital made a high of 505 and we booked full profit in this around 502. It was recommended to buy above 474.
Valuing our investors money we avoided opening any new positions due to the volatility ahead of the Jenat yellen’s speech. We will initiate fresh recommendations when there is no threat to market.
Now what to expect next??
Nifty and Bank Nifty future levels
Despite sudden weakness, Nifty managed to close above 8600 levels. Now Nifty has immediate support at 8595 levels, and a break and close below this level can take Nifty futures to become positionally weak and Nifty can test 8500 levels.
Immediate hurdle is at 8635 level and a break above this level can take Nifty to test its next resistance at 8670 and then to 8720 levels. Fresh rally is only possible when Nifty sustains and closes above the level of 8810 levels.
Bank Nifty on the other hand has broken a support of 19350 and now can correct from current levels. Immediate support is at 19225 levels, a break below this level can take Bank Nifty to test its next support of 19000—19890 levels.
Immediate hurdle is at 19350 now, and if bank nifty breaks and sustain above this level we can expect it to test its next hurdle at 19540 levels.
Fresh bullish rally only if Bank Nifty gives a weekly close and sustains above the level of 19600.
Today's Top Pick
Today's Top Pick we will update during market hours.So keep watching our blog.
