Morning Outlook 7th June, 2022

 

NIFTY:

Nifty opened at 16530.70 with a gap down of 54 points. The index initially went up but failed to sustain and resume its bearishness to record its intraday low at 16444.55.Prices have found strong support there, bounced up and then started a process of consolidation. The sideways movement eventually broke on the upside. The index rallied more than 100 points in the afternoon and recorded its intraday high at 16610.95. Prices have finally closed at 16569.55 wit h a loss of just 14.75 points or 0.09% down. METAL outperformed today and ended with a gain of more than 1% while MEDIA underperformed today and ended wit h a loss of more than 1%.FMCG, PHARMA, BANK, and Financial have ended on a flat note. The RBIMPC meeting is scheduled for this week. This has led prices to a trading range as participants are cautious over the outcome. On a broader view, we are expecting this market to consolidated Strong support is visible inside the 16350 – 16400 zones while strong resistance is visible inside the 16900 – 1700 zones. We should avoid trading the index for the time being.

BANK NIFTY:

Bank Nifty opened at 35159.15 with a gap down of 137 points. The index first moved up, filled the gap quickly, and then turned down. Prices have recorded its intraday low at 35072.30 and then moved up. A mild upside rally brought prices to its intraday high at 35424.50 and the index started consolidating there. Prices have finally closed at 35314.05 wit h a gain of just 18 points. PVT BANKS have outperformed today and ended wit ha gain of 0.21%. PSU BANKS have underperformed today and ended wit h a loss of 0.31%. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest.

This narrow range should resolve very soon one way or the other. We need to wait for prices to close beyond this range and then we will plan our trade accordingly. We should avoid trading the index for the time being.

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CORPORATE ACTION

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