Weekly Outlook Nifty for week (June 20, 2016 – June 25, 2016):
Nifty weekly performance (June 13, 2016 – June 17, 2016)
Indian indices witnessed volatility and booked marginal losses on the back of global economic concerns. For the entire week, the BSE Sensex was down 0.04%, while the NSE Nifty was unchanged.The index traded on an extremely volatile note throughout the week. It opened with a gap down on Monday and recovered most of the losses by Wednesday and finally ended the week with nominal losses. The index is currently trading in a very small range of 150 points from 8,050 to 8,200. One expect range bound action with high volatility in this eventful week.
Nifty Prediction for Week (June 20, 2016 – June 25, 2016):
Support for the index lies in the zone of 8000 from where the index has broken out from the triple top formation. If the index manages to close below these levels then the index can drift to the levels of 7800 where 200 Daily SMA is lying.
Resistance for the index lies in the zone of 8280 to 8340 where the index has created the gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 8600 to 8650 levels.
Due to Brexit Referendum on 24th June we could see wide swings in all the Global Markets including India.
Broad range for the week is seen from 8000 on downside to 8400 on upside.
Bank Nifty Prediction for Week (June 20, 2016 – June 25, 2016):
Minor support for the index lies in the zone of 17500. Support for the index lies in the zone of 17000 from where the index has broken out of the double top formation. If the index manages to close below these levels then the index can drift to the levels of 16500 where 200 Daily SMA is lying.
Resistance for the index lies in the zone of 18100 to 18200 where the index has created gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 19000.
Range for the week is seen from 17100 to 17200 on downside to 18200 to 18300 on upside.
COMMODITIES :
Gold traded on a positive note during the week. It opened its session in the green and traded near a three-week high on Monday. This was seen as market participants sought a safe-haven in the precious metal amid uncertainties led by Brexit fears. Come midweek, the yellow-metal witnessed slight losses ahead of the two-day Federal Reserve policy meet. However, gold surged to its highest in nearly two-years on Thursday after the Federal Reserve kept its interest rate unchanged. Also, the indication by the Fed that it could be less aggressive in tightening monetary policy next year aided the rally in gold prices. The MCX Gold August contract opened the session at 30,094/10 grams. It traded at a high of 31,245/10 grams before finally closing the session at 30,602/10 grams.
Stocks in News:
1) HDFC LTD gained as merger of Max Life, Max Financial Services into HDFC Life was announced. Stock related to Insurance sector like EXIDE, BAJAJFINSERV, DABUR could see some rerating.
2)Monsoon has started in Mumbai, stocks like FINOLEXIND, ASTRALPOLY, GSFC, COROMANDEL, M&MFIN, SRTRANSFIN can see buying interest at lower level.
Indian indices witnessed volatility and booked marginal losses on the back of global economic concerns. For the entire week, the BSE Sensex was down 0.04%, while the NSE Nifty was unchanged.The index traded on an extremely volatile note throughout the week. It opened with a gap down on Monday and recovered most of the losses by Wednesday and finally ended the week with nominal losses. The index is currently trading in a very small range of 150 points from 8,050 to 8,200. One expect range bound action with high volatility in this eventful week.
Nifty Prediction for Week (June 20, 2016 – June 25, 2016):
Support for the index lies in the zone of 8000 from where the index has broken out from the triple top formation. If the index manages to close below these levels then the index can drift to the levels of 7800 where 200 Daily SMA is lying.
Resistance for the index lies in the zone of 8280 to 8340 where the index has created the gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 8600 to 8650 levels.
Due to Brexit Referendum on 24th June we could see wide swings in all the Global Markets including India.
Broad range for the week is seen from 8000 on downside to 8400 on upside.
Bank Nifty Prediction for Week (June 20, 2016 – June 25, 2016):
Minor support for the index lies in the zone of 17500. Support for the index lies in the zone of 17000 from where the index has broken out of the double top formation. If the index manages to close below these levels then the index can drift to the levels of 16500 where 200 Daily SMA is lying.
Resistance for the index lies in the zone of 18100 to 18200 where the index has created gap on gap down opening in the month of Aug – 2015. If the index manages to close above these levels then the index can move to the levels of 19000.
Range for the week is seen from 17100 to 17200 on downside to 18200 to 18300 on upside.
COMMODITIES :
Gold traded on a positive note during the week. It opened its session in the green and traded near a three-week high on Monday. This was seen as market participants sought a safe-haven in the precious metal amid uncertainties led by Brexit fears. Come midweek, the yellow-metal witnessed slight losses ahead of the two-day Federal Reserve policy meet. However, gold surged to its highest in nearly two-years on Thursday after the Federal Reserve kept its interest rate unchanged. Also, the indication by the Fed that it could be less aggressive in tightening monetary policy next year aided the rally in gold prices. The MCX Gold August contract opened the session at 30,094/10 grams. It traded at a high of 31,245/10 grams before finally closing the session at 30,602/10 grams.
Stocks in News:
1) HDFC LTD gained as merger of Max Life, Max Financial Services into HDFC Life was announced. Stock related to Insurance sector like EXIDE, BAJAJFINSERV, DABUR could see some rerating.
2)Monsoon has started in Mumbai, stocks like FINOLEXIND, ASTRALPOLY, GSFC, COROMANDEL, M&MFIN, SRTRANSFIN can see buying interest at lower level.
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