Morning Outlook 13th June, 2022

   

NIFTY:

Nifty opened at 16283.95 with a big down of 277 points. The index was not showing any strength after the opening its continue leads to down momentum whole day. However, prices found support and then give a small pullback higher side. The index recorded its intraday high at 16324.70 in the afternoon and then found strong resistance there. Prices have then started drifting downwards and erasing all the gains. The gap was tiled and the index moved further down to record its intraday low at 16172.60. Prices have finally closed at 16201.80 with a loss of 276 points or1.68% down. NIFTY IT , OIL ,BANKING lead the bears today and closed with a loss of more than 1.5% respectively. There is no any sector or index who was in green all the sector and index were showing weakness.

Market trend remains sideways till 16000 holds. Price action as well as cycles for the Nifty point to lower levels. It appears that U.S. markets are not finding stability. World markets will remain shaky and chaotic, as they follow U.S. markets. Short term trend remains sideways to down with 16500 now becoming strong resistance.

BANK NIFTY:

Bank Nifty opened at 34686.95 with a big down up of 299 points. The index moved down from starting of the day and found support at 34350 and then gave small pullback to higher side. Index record its intraday high at 34752.45. Prices faces strong resistance there and started drifting downwards. A sharp decline brought the index to its intraday low at 34346.65 and prices finally closed at 34483.80 with a loss of 601 points. PVT BANKS  have underperformed today and closed lower by 2.24%.  index, in terms of points, SBI BANK contributed the highest while KOTAK BANK contributed the lowest. A Narrow Range day has been made today. Narrow range days are often followed by breakouts. Watch price action on Monday. Buying is possible above today’s high of 34,752.A short trade {intra day only) is possible below 34346.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production, according to a letter written by the companies to manufacturers. India, the world’s third biggest oil importer and consumer, has expedited efforts to double ethanol blending with gasoline to 20% from the current 10% across the country from 2025/26.
• Amazon.com Inc. is planning to withdraw from a heated competition for the rights to stream Indian Premier League cricket matches, according to people familiar with the matter, ceding one of the world’s most popular sporting contests to rivals from Walt Disney Co. to Mukesh Ambani’s Reliance Industries Ltd. The rights had been estimated to fetch an unprecedented $7.7 billion (nearly Rs 60,000 crore).
• Fitch Ratings revised its outlook on India’s long-term foreign currency Issuer Default Rating (IDR) to “Stable” from “Negative,” citing diminished downside risks to medium-term growth.
• The basket of crude oil that India buys has hit a decade high of USD 121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched USD 121.28, matching levels seen in February/March 2012, according to data available from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).

Source: Economic Times,  Indian Express  ,Business Today, Livemint, Business Standard, Bloomberg Quint

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