The market opened with a gap down Monday amidst panic selling in global equities and major unwinding in crypto markets, which forced the Nifty to end lower by more than 2.5% near 15700.
The major damage to Indian markets occurred via technology and metals stocks, which witnessed the brunt of central bank monetary tightening.
In the context of Indian markets, key indices namely the Nifty & Sensex are down nearly 15% and have significantly outperformed US Indices like Nasdaq which is down nearly 33% as domestic funds were able to absorb most of the FII selling.
The setup in Dollex 30 i.e. Sensex in USD terms has thrown up an interesting pattern of ‘Bullish Falling Wedge’ with confirmation of positive divergence in RSI.
This indicates prices have shown a tendency of major reversal and we expect a sharp upturn on close above 15849. We expect a major reversal for the market in the coming days as the market hits oversold terrain with a ‘falling wedge’ setup.
S&P Dollex 30 Index
Stocks to watch
Positive Read Thorugh
- Bajaj Finance Increases fixed deposit rate by up to 20bps
- Metropolis Health Says Continuously Explores Strategic Options, keeps receiving interest for a potential minority stake purchase.
- Zydus Lifesciences Offer to buyback 7.5b rupees of shares open June 23 and close on July 6
- Dr. Reddys receives USFDA approval for the cancer drug Sorafenib Tosylate
- Metropolis says promoters have no intention to exit the business
- Dynamic Tech- Bags order to manufacture escape hatch door for Airbus aircraft
- Paramount-Reliance JV Wins Indian Cricket Streaming Rights
Negative Read Through
- Srei Infrastructure Fraud Transactions Cost unit Srei Equipment Finance Rs 30.25B
- RBL Bank- in F&O Ban, hit a record low yesterday amid big volume
- OMCs- Dollar index at 4-week high, crude higher too
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