Domestic stock market benchmarks BSE Sensex and NSE Nifty 50 were looking to start in red on Monday, as suggested byu trends on SGX Nifty in early trade. Nifty futures were ruling 16.50 points or 0.10 per cent down at 15,728 on Singaporean Exchange. In the session, the Sensex shed 111 points or 0.21% on Friday to settle at 52,907 while NSE Nifty 50 index slipped 28.20 points or 0.18% to end at 15,752. Analysts say this week will mark the beginning of the earnings season and the IT major, TCS, would announce its number on July 8. Participants will be closely eyeing its results for any change in the guidance amid the fear of a global slowdown. Besides, the performance of the global indices, crude movement and updates on the ongoing tussle between Russia-Ukraine will be in focus.
Key things to watch out for before market opens on 4 July 2022
Global cues: Asian stock markets were trading mixed in early trade on Monday. Japan and Australia markets were higher. The Nikkei 225 in Japan pared earlier gains to trade 0.69% higher, while the Topix index climbed 1.1%. South Korea’s Kospi was down 0.25%, while the Kosdaq shed 0.81%. The U.S. market is closed for a holiday Monday.
Stocks under F&O ban: The National Stock Exchange has not added any stock under its F&O ban list for 4 July 2022. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.
Nifty support, resistance: Analysts say the short-term trend of Nifty continues to be range bound. But Friday’s sharp upside recovery from the lows hints at the possibility of more upside for the market ahead. “A sustainable upmove only above 15900-15950 levels could bring bulls back into the market and that could possibly pull the Nifty towards the next upside levels of 16200-16300 levels quickly. Immediate support is placed at 15630,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Bank Nifty outlook: The chart pattern suggests that if Bank Nifty crosses and sustains above 33800 level it would witness buying which would lead the index towards 34300-34800 levels, said an analyst. “However if index breaks below 33000 level it would witness selling which would take the index towards 32600-32200 levels .For the week, we expect Bank Nifty to trade in the range of 34800-33000 with mixed bias,” Rajesh Palviya, Vice President – Research ( Head Technical & Derivatives), Axis Securities, said.
Leave a Reply