2022-06-13 06:22:29
Systematix Daily Market Updates:
Domestic Markets:
The Sensex plunged 1,017 points, or 1.8%, to 54,303 .In the last trading session, the Nifty closed on negative notes and was down by 176 points. Among sectors, the IT & Enrery indices have shown weakness and closed down by 2.17% & 1.82%. IT index has formed a bearish body candlestick pattern.. The broader markets also saw a correction. The Nifty midcap 100 index declined 0.83 percent and the smallcap 100 index fell 1.1 percent.
Global Markets:
US stocks posted their biggest weekly percentage declines since January and ended sharply lower on Friday as a steeper-than-expected rise in US consumer prices in May fuelled fears of more aggressive interest rate hikes by the Federal ReserveThe Dow Jones Industrial Average fell 880 points, or 2.73 percent, to 31,392.79; the S&P 500 lost 116.96 points, or 2.91 percent, to 3,900.86; and the Nasdaq Composite dropped 414.20 points, or 3.52 percent, to 11,340.02. The Nikkei 225 in Japan dropped 2.4% as shares of conglomerate SoftBank Group fell 4.58%. The Topix index shed 1.8%. South Korea’s Kospi slipped 2%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.53% lower.
Technical Outlook: After a day of recovery, the Nifty50 fell quite sharply and wipe out all previous days' gain. On a daily and weekly chart, nifty has formed a bearish body candlestick pattern and closed down by 1.68% & 2.31% accordingly. Although the candlestick pattern suggests bearish bias in the near term, it has entered in strong demand zone. On the monthly chart, the strongest support is placed at 15987 which is 20 simple DMA. As per the pivot charts, the key support level for the Nifty is placed at 16144, followed by 16126. If the index moves up, the key resistance levels to watch out for are 16260 and 16278. Option data indicated that the Nifty50 may trade in a broader range of 15,800 to 16,700 levels in coming sessions
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