Update
.EQUITY MARKET UPDATE FOR 14 JUN 2022
The market crashed with full force on the first day of the week, as benchmark indices slumped below their crucial levels on across-the-board selling pressure.. The fear of aggressive rate hikes dented sentiment and triggered a gap-down start however rebound in the last hour trimmed some losses.
At Close, the Sensex was down 1,456.74 points or 2.68% at 52,846.70, and the Nifty was down 427.40 points or 2.64% at 15,774.40. About 650 shares have advanced, 2759 shares declined, and 117 shares are unchanged.
The fear and uncertainty was clearly visible in India's VIX, which is up over 15% at 22.50. Indian rupee ended 19 paise lower at 78.03 per dollar against Friday's close of 77.84. It touched fresh record low of 78.28 during the day.
Nifty Futures Update
Nifty index closed at 15,774; down by 429 point or 2.6%. Nifty has almost retested the March 2022 low. Nifty50 index open gap down at 15900.and make intraday low 15674.last hrs recover some points and close at 15790. Nifty formed long bearish candel on daily chart.
The options data suggests a shift in a trading range between 15,500 and 16,500 zones. On the options front, maximum Call OI (Open Interest) is at 16,000 then 16,500 strikes, while maximum Put OI is at 15,500 & 15,000 strikes.
Nifty Futures Levels
Nifty has resistance around 15900 if it breaks and sustains above 15900 till see an upside rally till 16100 — 16200 levels in an intraday session.
Else Nifty has support around 15700, break below 15700 will see intraday downside fall till 15500 — 15400 levels in an intraday session.
Trading strategy
Traders can Buy NIFTY Futures above 15900 with a stop loss below 15810 levels for an upside movement till 16100 — 16200 levels in an intraday session.
Bank Nifty Futures Update
Bank Nifty index open gap down at 33850 . then make intraday low 33234. Major banks like kotak bank, sbi , icici was down nearly 4% .All banks closed in red . bank nifty index down 1097 point or 3.18% .
On the options front, maximum Call open interest was seen at 34,000 strikes followed by 34,500 strikes, while maximum Put open interest was seen at 33,000 strikes followed by 32,500 strikes.
Bank Nifty Futures Levels
Bank Nifty has resistance around 33700, breaks and sustains above 33700 will see an upside movement till 34000–34300 levels in an intraday session.
Otherwise, Support around 33250, breaks below 33250 will see an intraday downside fall till 33000—32700 levels in an intraday session.
Trading strategy
Traders can Buy BANKNIFTY Futures above 33700 with a stop loss below 33500 for an upside movement till 34000—34300 levels in an intraday trading session.
Stock Pick of the day
Axis Bank Ltd (AXISBANK)
Trading Levels
Buy AXISBANK Above 652 levels with a stop loss below 645 levels for an upside movement till 660++665 levels in the coming days. the stock has formed a Hammer kind of pattern.
TRADE AS PER LEVELS ONLY