Yesterday, that is Friday, June 17, the last day of the trading week, the index started the day on a negative note but quickly ended lower. However, Nifty traded between gains and losses throughout the session before closing below 15,300. Nifty formed a Doji candle on the daily time frame and a bearish candle on the weekly time frame.
Mazhar Mohammad of Chartviewindia said, “Until Nifty recovers and starts trading above the 15,360 levels, it will continue to trade sideways with a negative trend in this market. of the next session. “If it slides down, the weakness will increase and it may fall towards 14,900 levels.”
Nifty has slipped almost 1,500 points from a 10-day high of 16,793. As a result, most momentum oscillators have not only reached oversold levels, but some are trending positively on the lower time frame charts.
The market bled the most after May 2020, the largest drop in m-cap TCS among Sensex companies
Mazhar said that for this reason, the next session could be bullish, but short-term traders are advised to wait for more stability in the market before taking a trade.
Bank Nifty opened in negative yesterday and remained under pressure during the first half of the session. After that, there was a replay in the second half. It is back in the 32,900 zone. Bank Nifty closed with a gain of around 125 points late in the session.
It outperformed the broader market. It looked resilient against the Nifty index yesterday. Support-based buying was seen in the lower area of Bank Nifty. With this, Bank Nifty has formed a bullish candle on the daily scale. However, it also created a bearish candle on the weekly frame.
Chandan Tapadia of Motilal Oswal Financial Services said: “As long as Bank Nifty is trading below the 33,000 area, further weakness can be seen. Bank Nifty may look to slide towards the 32,250 and 32,000 area. , then Bank Nifty can be seen stuck at the 33,333 and 33,500 levels.
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Speaking of stocks, Sun TV, Indus Tower, HAL, JSW Steel, Ashok Leyland, Reliance Industries, ICICI Bank, BEL, HDFC Bank, Coromandel and ITC saw their strength. On the other hand, weaknesses were observed at Titan, IndiaMart, Mphasis, Pidilite Industries, Escorts, Jubilant FoodWorks, Wipro, Trent, Mahanagar Gas, IOC, BPCL, Sun Pharma, Bata India and Power Grid.
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