During the week ending June 17, there was a decline in the Indian market for the second consecutive week. The effect of rising inflation all over the world is also being felt in the Indian markets. The week itself began weakly. But the market was seen moving in a circle over the next few trading days. However, after Thursday’s FOMC meeting decision, the pressure on the market increased one by one. The week finally ended in the red amid high volatility.
Last week, the Sensex closed at 51,360.42, down 2,943.20 points, or 5.41%. In contrast, Nifty closed at 15,293.5, down 908.3 points, or 5.6%. Like large caps, mid and small caps have also been under pressure. The BSE Smallcap Index closed 6.6% weak. In contrast, the midcap index closed down more than 5 percent.
How will the market evolve next week?
Amol Athawale of Kotak Securities Said that the 15,400 level will now act as a trend maker for traders. If this level breaks higher, we can see Nifty heading towards 15,600-15,700. On the other hand, if this level breaks, then we can see Nifty heading towards 15,200. If the decline continues, 15,000 levels are also possible. Turning to the banking sector, after a long stretch, Bank Nifty closed below its important support at 35,000 on the weekly chart. There is a possibility of further decline because of this. Now we can see Nifty heading towards 32000-31500.
The market bled the most after May 2020, the largest drop in m-cap TCS among Sensex companies
Ajit Mishra of Religare Broking Said that in the absence of any major domestic triggers, the market is now moving based on global signals. The market will keep an eye on the US Fed Chairman’s speech and China’s interest rate decision going forward. The trend of the Covid and the progress of the monsoon will also have an impact on the domestic market. We continue to have a negative view of the market. Each bounce will be a sell tip.
Yesha Shah of Samco Securities Says the S&P 500 and our Banking Index have technically entered the bear market zone. Fear of a further market decline will persist. Now the movement of the dollar index, crude oil prices, the covid situation, are some of the triggers that will decide the direction of the market going forward. Our advice to traders is to maintain a negative to neutral outlook on the market over the coming week. Look for chances to exit on any rebound. Support is visible for Nifty at 15,200. Meanwhile, resistance is seen at 16,200.
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