2022-06-17 06:16:24
Systematix Daily Market Updates:
Domestic Markets:
BSE Sensex plunged 1,046 points or 2 % to 51,496 while the Nifty50 tanked 332 points or 2.11% to 15,360.60. Among sectors, the Metal & Media indices have shown weakness and closed down by 5.24% & 3.20% Nifty Midcap 100 and Smallcap 100 slumped by more than 2% and 3%, respectively.
Global Markets:
The benchmark S&P 500 suffered its sixth decline in seven sessions. Stocks had rallied on Wednesday as the Fed delivered an aggressive 75 basis point rate hike, as expected, to help the index snap its longest daily losing streak since early January. The Dow Jones Industrial Average fell 741.46 points, or 2.42%, to 29,927.07, the S&P 500 lost 123.22 points, or 3.25%, to 3,666.77 and the Nasdaq Composite dropped 453.06 points, or 4.08%, to 10,646.10. The Nikkei 225 in Japan fell 2.32% while the Topix index shed 2.25%. South Korea’s Kospi declined 1.17%.
Technical Outlook:
Again nifty trying to climb above 15800 but couldn’t be sustained and sharp selloff has been seen as a result it has formed big bullish body candlestick pattern. Moreover, it has closed below the psychological level of 15500 marks which is a negative breath for the index. Although daily and weekly candlestick indicates bearish bias in the near term, the index has completed a bullish reversal AB=CD harmonic pattern. At the same time, 100 simple WMA is placed at 15300 marks. So one can expect a small bounce in the near term with an SL of 15300. Nifty has registered a new 52-week low on board. This indicates the bear is getting a grip. As per the pivot charts, the key support level for the Nifty is placed at 15159, followed by 15097.
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