Benchmark Indices ended lower in yet another volatile session on June 15 with the Nifty below 15,700. The S&P BSE Sensex oscillated within a band of fewer than 400 points intra-day, before settling at 52,541, down 152 points or 0.29 percent. The NSE Nifty 50, on the other hand, ended at 15.692, down 40 points or 0.25 percent. Sectorally, the Nifty Auto index gained the most and closed nearly a percent higher, while the Nifty Metal fell 0.7 percent.
What’s Next in the Indian Stock Market?
High volatility and emerging fear ahead of the Fed meeting decision, forced the market to close flat with a negative bias. The aggressive rate hike of 50-75 bps is mostly factored by the market but updated economic and interest rate forecasts to be detailed by the central bank will closely control the future trend.
Stock Market Summary
Nifty (down 0.25%) – Open 15729.25, High 15783.65, Low 15678.90, Close 15692.15
Bank Nifty (up 0.08%) – Open 33317.80, High 33554.55, Low 33249.55, Close 33339.00
Sensex (down 0.29%) – Open 52650.41, High 52867.73, Low 52493.36, Close 52541.39
India Vix – up 1.19% to end at 22.14 levels
FII’s : Net Sellers : ( – 3531.15 Crores )
DII’s : Net Buyers : ( + 2588 Crores )
Bullish Sectors – Auto (+0.92%), Financial Services (+0.27%)
Bearish Sectors – Realty (-0.61%), Private Bank (-0.10%)
Top Gainers Stocks – Bajaj Finserv (+4.22%), Bajaj Finance (+2.22%)
Top Losers Stocks – ONGC (-3.14%), NTPC (-2.05%)
Nifty Open Interest Put Call Ratio (PCR): 0.76
Maximum CE Open Interest Strike: 15900
Maximum PE Open Interest Strike: 15500
Bank Nifty Open Interest Put Call Ratio (PCR): 0.70
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
No strong reversal confirmation seen yet, as the index continued to trade with negative bias.
Short-term momentum parameters also suggest the possibility of high volatility in the near term.
Critical medium support is seen around 15500 (Spot level).
Meanwhile, the Relative Strength is oscillating in a 40.00—60.00 range, which signals a continuation of a range-bound move.
Nifty Futures Strategy for Thursday
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
Bank Nifty index traded inside an inverted Flag chart pattern, which is formed on an hourly scale.
The flag pattern indicates a consolidation phase after the downside move.
On the technical front, a slippage below the crucial support level of 33000 may lead to a fresh downside move.
Bank Nifty Futures Strategy for Thursday
Bank Nifty Future has resistance at 33500 if breaks and sustain above that level then it will take it to 33700–33900 levels.
Support at 33000 breaks and sustain below that level then it will take it to 32800—32600 levels.
Top Stock Recommendation For Today (16th June 2022)
UBL (FUTURES)
The stock is near its major demand zone and formed a bullish candle on the 2-hourly chart.
Strategy – Traders can buy UBL Futures above 1475 for the upside move till 1490 and then to 1510. Support and stop loss will be around 1460 levels on a closing basis.
Trade with levels. Volatility is expected in Indian Stock Market too due to FED Meeting outcome and weekly expiry day.
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