18,700 has now become a strong resistance for the Nifty 50 index as the maximum Call and Put Open Interest is concentrated at that level. FPIs have also increased their short exposure in index futures.
18,534 was the level that the Nifty 50 had to defend to ensure it does not report a weekly loss. It did manage to defend that level on Friday, but only just. Despite not reporting a weekly loss, the index closed near the lowest point of the day and has already shed more than 200 points from its recent swing high of 18,777, thereby prolonging the wait for its new all-time high.
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The Nifty 50 is now nearing a zone where it has multiple supports on the downside. It has not had a close below 18,500 since May 26 and hence, that becomes a crucial support level. Although it has seen intraday dips below those levels, it has managed to recover from those on a closing basis.
With the RBI policy and earnings out of the way, the Nifty 50 will look towards global cues to determine the way forward. For this week, all eyes will be on the FOMC meet on June 13-14 and whether the US Federal Reserve does manage to put an end to its current rate hiking cycle, or continues to persist with a 25 basis points hike.
Trade Setup for June 12: Nifty 50 aims for a bounce from key downside support levels - CNBCTV18
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