Quote from Admin on June 16, 2023, 4:20 am

🟢 PRE-MARKET ANALYSIS (16/06/2023)

INDEX ACTION

Nifty: The US market rallied last night after yields slipped.

If the index opens a major gap-up today, a bear-trapping scenario in the market may occur. Any dip after opening the gap-up can get bought off.

More selling can kick in if the index breaches 18675 on the downside. If the index sustains above 18725, we can expect some buying.

Conservative traders can wait for a directional price action to form before beginning the trading.

Max Open Interest:
Calls: 18800
Puts: 18700

PCR: 0.88

Daily Expected Range (Accuracy 75%*): 18,445 - 18,931

Daily Pivot Support: 18,640 - 18,592
Daily Pivot Resistance: 18,765 - 18,842

Weekly Pivot Support: 18,471- 18,378
Weekly Pivot Resistance: 18,717 - 18,871
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Bank Nifty: A sharp sell-off in all of the banks dragged the index down, breaking down most of the major support zones.

Today, we can expect the market to go sideways or recover a bit. For more sell-off, the index needs to breach the 43400 level.

On the upside, if the 43730 level is sustained, some upside can be expected.

A major gap-up opening can lead to some fall to close the gap. If more selling kicks in, 43000 will be the next level to watch.

Max Open Interest:
Calls: 44000
Puts: 43500

PCR: 0.53

Daily Expected Range (Accuracy 75%*): 42,683 - 44,203

Daily Pivot Support: 43,201 - 43,960
Daily Pivot Resistance: 43,882 - 44,319

Weekly Pivot Support: 43,785 - 43,581
Weekly Pivot Resistance: 44,326 - 44,663
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GLOBAL MARKETS

US market closing

Dow Jones: 🟢 1.26%
Nasdaq: 🟢 1.15%
S&P 500: 🟢 1.22%

European markets closing

Euro Stoxx 50: 🔴 0.25%
Britain’s FTSE: 🟢 0.34%
Germany’s DAX: 🔴 0.13%
France’s CAC: 🔴 0.51%

The Australian stock market is currently trading with a gain of 0.59%

Asian markets live (noted at 7.00 am)

Japan’s Nikkei: 🔴 0.67%
Korea’s KOSPI: 🟢 0.39%
China’s SSE: 🟢 0.18%
Hong Kong’s Hang Seng: 🟢 0.49%
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SGX Nifty is trading at 18807, gaining about 47 points from yesterday’s closing. Of this, one can expect the Indian market to open gap up.
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STOCK ACTION:

Long Build Up
METROPOLIS, APOLLOHOSP, ZYDUSLIFE, ALKEM, L&TFH

Short Build Up
TATACHEM, LALPATHLAB, WIPRO, FEDERALBNK, SBIN

For Information Only