Indian Stock Markets ended June expiry on a negative note due to volatility. Although bulls resurfaced in the early session, the benchmark indices sank sharply and, more significantly, concluded on a poor note against a backdrop of unfavorable global indications. Investors were haunted by the familiar fears of additional interest rate hikes and the prospect of a recession.
What’s Next?
The market’s undertone remains bearish due to weak global cues and persistent foreign fund outflows. We will advise traders to avoid placing huge bullish bets and follow a stock-specific approach.
Indian Equity Market Summary
Nifty (down -0.12%) – Open 15774.50, High 15890, Low 15728.58, Close 15780.25
Bank Nifty (up +0.47 %) – Open 33180.70 High 33659.30, Low 33179.60, Close 33425.10
Sensex (down -0.02%) – Open 52897.16, High 53377.54, Low 52883.25, Close 53018.94
India Vix – down 0.27% to end at 21.84
FII’s: Net Sellers : ( – 1138.05 Crores )
DII’s: Net Buyers : ( + 1378.20 Crores )
Bullish Sectors –– Financial Services (0.42%), Private Bank (0.15%)
Bearish Sectors –– Metal (-1.99%), FMCG (-1.05%).
Top Gainers Stocks – Axis Bank (+1.41%), SBIN (+1.32%)
Top Losers Stocks– TECHM (-2.21%), IndusInd Bank (-2.12%)
Nifty Open Interest Put Call Ratio (PCR): 0.97
Maximum CE Open Interest Strike: 16000
Maximum PE Open Interest Strike: 15500
Bank Nifty Open Interest Put Call Ratio (PCR): 0.98
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.)
Trading Strategy of Benchmark Indices
Nifty Strategy
The Nifty index is trapped in a sideways trend, with immediate support around 15,700 and resistance at 15,900.
Once the index breaches the level of 15,900 on the upside, there will be significant short covering on the way up to 16,200.
If the lower-end support is destroyed, the price might fall towards the 15,500–15,400 zone, where fresh put writing has been observed.
Bank Nifty Strategy
The battle between the bears and the bulls in the Bank Nifty index continued, resulting in the index closing flat on the last day of the month.
The immediate downside support is located around 33,200-33,000, while the immediate upside resistance is located above 34,000, where a substantial volume of call writing has been witnessed.
To achieve a directional move, the index must break out of this range on either side.
Top Stock Recommendation For Today (01st July 2022)
HDFC (FUTURES)
The stock is taking resistance of 200-SMA on the charts and has also given the trendline breakout on the charts.
Strategy: Traders can sell HDFC Futures stock below 2150 for the downside targets of 2120 and then to 2100 levels in the days to come.
Support and stop-loss remain above 2200 levels.
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