CapitalVia Advisors said that Today Nifty opened on a positive note and breached an all-time high. Markets were volatile due to the RBI Governor’s speech today, which showed us a downfall of 110 points. Ultimately prices took support in the narrow range of 15630-15600 and gave a closing above 20-EMA on 15 Minute charts, this added confluence to our buy-on dip strategy as the long-term view still holds to be Bullish. Banking sector proved to be much weaker today comparatively, private banks to be specific. Major sectors like Banks, Pharma and FMCG ended in the red zone today whereas Metal, Media, Energy and It sector gained some brownie points.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

CapitalVia Advisors says that on Friday, Indian market benchmarks got off to a cautious start, but managed to stay above their neutral lines as traders remained cautious ahead of the RBI's monetary policy announcement later in the day. Markets, on the other hand, quickly lost ground and slid into red territory. Indian equity benchmarks continued to trade in the red in the afternoon session. The second wave of COVID-19, according to Chief Economic Advisor KV Subramanian, has slowed the pace of economic recovery. He did say, though, that he expects the economy to revive starting in July. The index has closed a few points below 15700, but the trend is favourable, and we should see 15900-16000 if the same momentum continues. At 15600, 15400, and 15300, the Nifty has many supports. The most important of these is the 15300 level, which must be adhered to on a daily basis. Intraday declines should be used to build up long positions on the index in order to achieve higher targets. From a macroeconomic standpoint, the RBI policy was essentially predictable: it maintained the status quo on policy rates and maintained an accommodative attitude. Because of the base impact, CPI inflation is likely to stay low in 1HFY22.

See Zee Business Live TV Streaming Below:

However, growing input costs may cause inflation to rise in the following quarters.

Index Futures Position:

Here, in Nifty, and Bank Nifty majority of people are expecting prices to go down and so are creating short positions or holding the existing ones, this is indicated by a decrease in price with increasing Open Interest. Whereas in the Finance sector, majority people are expecting the prices to go up and so are creating fresh long positions or holding the existing ones, this can be indicated by an increase in price with increasing Open Interest.

NIFTY JUN FUT:

Nifty June opened on a flat note and tried breaching the 15750 mark but was not able to sustain there and we witnessed a downfall till yesterday’s major support zone of 15650-15600. Ultimately prices ended in the red zone. Nifty Support is around 15660 and Resistance is around 15750-15800

BANKNIFTY JUN FUT:

Bank Nifty June opened on a flat note but tested resistance at 35900 mark and fell down to support zone of 35350- 35300. Prices ultimately took support on 200-SMA which is generally considered to be a strong support. Support is at 35230-35150 and Resistance around 35900-35980