2022-06-30 08:25:00

Daily Technical View

Daily Technical View on NIFTY & BANK NIFTY

Nifty:- 2 Quarters-Half Empty
With markets closing almost flat since last Jun 2021 (15721), the greater fool theory surrounds. Typical of end of bull market cycle. Today is the last day of second quarter and there are no signs to change the needle in a big way as the close mixed. If at all the interest would be to see if we close at 15721; more of a statistical curiosity than a financial one. Clues remain mixed to negative hence open would be more or less flat. For the bulls ability to hold the 15650-700 zone and the rise from there keeps the hopes alive, while bears would welcome any move that keeps lid of big figure 16000 on close basis. The worry for the bulls is fast eroding the oversold zones and quickly turning into short term overbought. With confidence continues to erode by the time scale liquidity is the first victim that alone can push prices further down. 15300-16300 remain the key levels for trend changing as we take stock of the current set-up. For the day once again boxed 15730-15880

NIFTY BANK:-  Taxing Time!
Bank nifty, it is advance tax time for those who minted money. Thank fully those who follow us, for sure would be laughing what is other wise considered as tough and historic moves. Taxing can also be interpreted as grounding and running to the bay. Kind of both analogies justify the current mood. Despite this the stress is increasingly felt on this index, and has potential to pierce the base than to the top.  34300 remains the cap while 32300 the bottom break of either on three day close basis is required. The current mood is softer if not deeper. There are practically no leaders in this pack nor in the main index. That is not a good sign for cyclical bulls. For the day 32900-33500 range. Prefer sell 33450 stops 33850 for move towards 32100. Remember to day is the expiry day and hence beyond one day position with appropriate hedging.