Rohit Singre, Senior Technical Analyst, LKP Securities
Index closed a day at 15680 with little loss and formed a bearish candle for the fourth consecutive session. Index once more reached to its excellent demand zone of 15650-15600 zone from exactly where we have witnessed a excellent move previously from the stated level any break under talked about level can improve more profit booking in index, excellent resistance is coming close to 15750-15840 zone above 15840 we may well see excellent move in index.
Vinod Nair, Head of Research, Geojit Financial Services
Selling was triggered in the domestic marketplace as investors remained cautious about the escalating covid instances in particular in Asia. Despite the easing of restrictions, the manufacturing PMI information for June contracted to 48.1 from 50.8 in the preceding month. However, the diminishing price of domestic infection and progress in vaccination offered some comfort to the marketplace. Positive auto sales numbers for June helped the sector to trade in positive territory.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Nifty slipped into weakness in the early element of the session. It later shifted into a variety-bound action that continued for the complete session. The opening upside gap has been filled fully. A affordable adverse candle was formed, that placed at the important assistance of 20 day EMA on the day-to-day chart about 15680 levels. We also observe a formation overlapping adverse candles more than the last 3 sessions, which indicate variety bound action and sell on rise chance in the marketplace. Normally, formation of such patterns could sooner or later outcome in an upside breakout. As of now, there is no early sign of any upside bounce from the lows. Nifty continued to show choppy movement with adverse bias and nonetheless there is no proof of any upside bounce emerging from the lows. Nifty is at present placed at the crucial cluster assistance of 15650 levels and a move under this location could outcome in slide down to 15500 levels.
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Mohit Nigam, Head, PMS, Hem Securities
Markets closed the trading day with slight profit booking as the other days of the week. NIFTY 50 closed at 15,680 down by .26% and Sensex closed at 52,318.60 down by .31%. The auto sales numbers for the month of June are out, with Maruti Suzuki, Tata Motors and M&M all displaying a jump in the sales compared to the month of May 2021. The repetitive profit booking on all trading sessions of the week is signalling that bulls are not coming robust. Though with the positive notes in the marketplace we nonetheless really feel the additional rally is intact. Nifty is receiving closer to the assistance of 15,600 and will take additional assistance at these levels for increasing to newer highs in the coming trading sessions.