Indian Stock Market ended lower for a fourth straight day on Tuesday as investors anticipated aggressive rate hikes by central banks, including the US Federal Reserve, to tame multi-year high inflation. India’s wholesale price index (WPI) inflation, too, climbed to 15.8 percent in May, its highest level since 2012. Relentless Foreign Institutional selling also continued to weigh on the domestic equity markets.
Buzzing Stocks:
Bajaj Auto was the top Nifty laggard, in the intra-day trade, as its Board decided to defer a decision on the Buyback proposal.
Adani Enterprises moved higher after Adani and Total Energies of France entered into a new partnership to jointly create the world’s largest green hydrogen ecosystem.
What’s Next?
The market has shown some signs of recovery during Tuesday’s trading session but failed to hold the upside level. However, elevated WPI data continued to dominate the broad market, which is cautiously awaiting the outcome of Fed Policy on Wednesday.
For the coming day ahead the trend is likely to remain sideward in the short term until we see any decisive break of support or any sustainable buying interest.
Indian Stock Market Summary
Nifty (down –0.27%) – Open 15674.25, High 15858.00, Low 15659.45, Close 15732.10
Bank Nifty (down -0.28%) – Open 33180, High 33618.15, Low 33123.90, Close 33311.35
Sensex (down -0.29%) – Open 52495.94, High 53095.32, Low 52459.48, Close 52.693.57
India Vix – down 2.14% to end at 21.88
FII’s: Net Sellers : ( – 4502.25 Crores )
DII’s: Net Buyers : ( + 3807.60 Crores )
Bullish Sectors – Realty (0.81%)
Bearish Sectors – Auto (-0.55%), Energy (-0.55%)
Top Gainers Stocks – NTPC (+2.15%), Bharti Airtel (+1.80%)
Top Losers Stocks– Bajaj Auto (-4.83%), Indusind Bank (-2.32%)
Nifty Open Interest Put Call Ratio (PCR): 0.73
Maximum CE Open Interest Strike: 16000
Maximum PE Open Interest Strike: 15500
Bank Nifty Open Interest Put Call Ratio (PCR): 0.62
Maximum CE Open Interest Strike: 33500
Maximum PE Open Interest Strike: 33000
(The maximum CE PE open interest strike rate indicates that the market is likely to move in that particular range in the coming days)
Technical View of Nifty and Bank Nifty
Nifty
Nifty started the day on a negative note, but some buying interest was seen during the initial part of the day.
Mostly it remained sideward throughout the day, as it continued to trade within the previous day’s trading range.
On the lower end, it found support at the historical swing low and before closing a bit higher.
Nifty Futures Strategy for Wednesday
Nifty Future has resistance at 15800 if breaks and sustains above that level, then it will take it to 15880-15960 levels.
Support at 15650 breaks and sustain below that level will take it towards 15580–15500 levels.
Bank Nifty
Ahead of the FOMC meeting Bank’s Nifty index traded near a make-or-break zone.
The short-term trend seems to be downwards and if it fails to sustain above the level of 33,000 on a closing basis then it will lead to further selling.
The 4-hourly RSI is in the bearish crossover.
Fresh upside momentum can be seen above 34000 where the highest open interest is built up on the call side.
Bank Nifty Futures Strategy for Wednesday
Bank Nifty Future has resistance at 33500 if breaks and sustain above that level then it will take it to 33700–33900.
Support at 33000 breaks and sustain below that level then it will take it to 32800—32600.
Top Stock Recommendations (15th June 2022)
VOLTAS (FUTURES)
The stock has given a downward trendline breakout on the hourly timeframe chart, with the volume and Open Interest supporting the bullish view.
Strategy – Traders can buy Voltas Futures above 982 for the upside move till 998 and then to 1010. Support and stop loss is around 960 on a closing basis.
Trade safely with levels. More will update during the Live market.
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