Morning Outlook 6th June, 2022

 

NIFTY:

Nifty opened at 16761.65 with a big gap up of 133 points. The index initially consolidated for the first 15 minutes of trading and recorded its intraday high at 16793.85.Prices broke on the downside and started drifting downwards. An attempt to recover failed measurably and prices kept on drifting downwards. The gap was filled towards the end of today’s trading session. In the last hour of trading, prices moved down with more pace and recorded its intraday low at 16567.90.The index finally closed at 16584.30 near its day low wit h a loss of 43.70 points or 0.26% down. AUTO,METAL and MEDIA have led the bears today and ended with a loss of more than 1%. BANK and FINANCIAL followed by ending nearly 1% down.IT and OIL GAS outperformed today and ended with minor gains.

A gap-up opening did not sustain today. The short-term trend is now changing sideways which was up before as the index has been locked inside a narrow trading range. The volatility is now moderately high as the Benchmark Index INOIA VIX is moving around level 20.We should avoid trading the index for the time.

BANK NIFTY:

Bank Nifty opened at 35929.55 with a big gap up of 319 points. The index recorded its intraday high at 35958.45 within the first few minutes of trading and moved down. The gap filled quickly and prices have kept on drifting downwards to record its intraday low at 35175.10. Finally, the index closed at 35296.45 near its day low with a loss of 314 points. PSU and PVT BANKS indices have seen an intraday decline today and closed lower by 1.42% & 1.04% respectively. Within the index, in terms of points, AX IS BANK contributed the highest on the downside followed by the ICIC IBANK.

The index has seen a decline of more than 800 points today during the day. The short-term trend is now changing sideways as prices have been moving range bound for the past few trading days. We should avoid trading the index for the time being.

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