Good, Sensex ends very red amid weak global cues;  the market will remain volatile in the near future
Good, Sensex ends very red amid weak global cues; the market will remain volatile in the near future

Good, Sensex ends very red amid weak global cues; the market will remain volatile in the near future

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Domestic equity markets ended in the red after a two-day rally, as a lack of triggers erased momentum. The BSE Sensex Index slumped 709 points, or 1.35 percent, to end at 51,823 with 28 of the index’s 30 constituents settling in the red. The Nifty 50 closed at 15,413, down 226 points, or 1.44 percent. By sector, all major indexes closed in the red with the Nifty Metal index down 5 percent, and the Nifty Oil & Gas index 2 percent. In the broader market, the Nifty MidCap100 and SmallCap100 indexes fell 1.6 percent. The market is likely to be very volatile in the near term. Nifty might find support around the 15200 handle while the upside of 15600 could act as an immediate hurdle, according to analysts.

Ajit Mishra, Vice President – ​​Research, Religious Intermediaries

“After the break, the bears took tight control of the market as it ended in a sharp decline. Benchmarks started off on a weak note following weak Asian markets and the negative bias continued throughout the day as selling pressure widened in metals, media and energies. As a result, Nifty ended 1.44% lower at 15,413.3. The broader, midcap and small-cap markets ended up in line with the benchmark. All sectoral indexes ended in the red.”

“On Thursday June 23, markets will first react to the Fed chair’s scheduled speech tonight. In addition, progress in the rainy season, crude oil prices and currency movements will be the key to monitor. We reaffirm our cautious stance on the market and expect volatility to remain high in the near term. In the meantime, traders are advised to maintain hedging positions while investors should focus on stock selection.”

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Om Mehra, Research Fellow, Preferred Broker

“Indian markets drained on Wednesday snapping two days of gains, following weakness in global cues. Technically, Nifty has formed a bearish candlestick on the daily chart. From the hourly chart, the Nifty 15550 level has little resistance for the next trading day. However the view is negated if it closes and maintains above that level. Indicators like ATR and ADX remain on the weaker side on the daily chart as well. Nifty might find support around 15200 levels while on the upside 15600 can act as an immediate hurdle. On the other hand, Good Banks have support at 32200 while resistance is at 33500. Overall, the Index remains on the weaker side, selling is increasing and working with options strategies would be advisable to counter volatility.”

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

“The market has once again entered into plunge mode as panic-stricken investors took cues from the early slump in European indices and weakness in other Asian gauges dumping equities, particularly metals, electricity & realty stocks. The market is currently in a very fragile mode as negative signs encourage traders to exit stocks at will. Technically, Nifty has also formed a bearish candle indicating further weakness from current levels. On the intraday chart, the index has formed a non-directional formation while the chart texture suggests that the range-bound activity is likely to continue in the near term. For traders, 15500 will act as an immediate resistance level, above which it could rally up to 15600-15650. On the other hand, 15350 could be the main support level to watch out for. Below the same, the index could slip up to 15250-15200.”

Deepak Jasani, Head of Retail Research, HDFC Securities

“Asian stocks were mostly lower on Wednesday as markets ignored the rally in the US and awaited congressional testimony by Fed Chair Jerome Powell. European stocks hit fresh one-year lows on Wednesday as falling oil and metal prices hurt commodity-linked stocks. Good on June 22nd was able to continue Tuesday’s gains and give up almost all of the gains made on the day. The market has fallen sharply below normal volume, indicating a lack of sufficient buying to offset the selling pressure. Now that Nifty has support in the band 15293-15350 while on the upside, it could face resistance from 15565 and then 15670.”

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