2022-06-20 06:14:24
Systematix Daily Market Updates:
Domestic Markets:
The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 52 points. In the last trading session, the Nifty closed on negative notes and was down by 67 points. Among sectors, the Bank Nifty index was the lead gainer with a 0.41% rally and the Media index managed to close in the green zone and was up by 0.08%. Whereas the Pharma & IT indices have shown weakness and closed down by 2.18% & 1.49%. Broader indices, the BSE Smallcap index declined 6.6 percent, while the Midcap and and Largecap indices shed over 5 percent each.
Global Markets:
US stocks closed with a modest bounce on Friday but still suffered the biggest weekly percentage decline in two years as investors wrestled with the growing likelihood of a recession while global central banks tried to stamp out inflation.The Dow Jones Industrial Average fell 38.29 points, or 0.13 percent, to 29,888.78, the S&P 500 gained 8.07 points, or 0.22 percent, at 3,674.84 and the Nasdaq Composite added 152.25 points, or 1.43 percent, at 10,798.35. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.8% and Tokyo's Nikkei 1.4 percent.
Technical Outlook: Nifty has been consolidating near 100 simple WMA is placed at 15300 marks. Closed below the physiological level of 15500 is negative breath for index. As per the pivot charts, the key support level for the Nifty is placed at 15211, followed by 15185. If the index moves up, the key resistance levels to watch out for are 15376 and 15402. Looking at the recent fall, it is advised to avoid undue risk and stay light on positions. Also, one needs to keep a close tab on the geopolitical developments and avoid aggressive bets till the volatility looms over.
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