Indian Market View:
Nifty index opened positive but failed to even hold its opening levels and after a volatile swing it drifted towards 15673 levels. It has been finding sustained selling pressure near to its life time high of 15850-15900 zones from last few trading sessions. It closed with losses of around 85 points. Nifty has been battling with resistance of 15850-15900 in the past few days with Nifty Bank going through serious underperformance. A formation of Bearish Engulfing setup on Wednesday after gap up opening indicates euphoria in market is coming to a standstill and move below 15620 could trigger wider cracks in the market. Catalyst for major sell off could come from sharp rise in USDINR above 75, which market is unprepared for. Crucial level to watch for Nifty Bank on lower side would be 34000.
View on International Stock Market:
Asian stocks looked set to dip after U.S. shares moved in narrow ranges as traders digested commentary from Federal Reserve officials and the outlook for stimulus. Treasuries retreated. Equity futures fell in Japan and Australia and were little changed in Hong Kong. In the U.S., firms that benefit from economic reopening — such as retailers and financials — outperformed but overall the S&P 500 edged lower. A rally in Tesla Inc. helped the Nasdaq Composite eke out a record.
On the commodity front, Oil prices are likely to keep rising toward $100 a barrel while a cool-off in commodity prices won’t last, leaders of key firms said at the Qatar Economic Forum.
Key Stocks to watch
– Adani Ports Declines to comment on KLP Fund share sale report
– Orchid Pharma Says founder plan to sell up to 3.28m shares
– Piramal Enterprises To consider raising funds up to Rs 10 bn on June 28
– All Eyes on Aramco Deal When Ambani Addresses Reliance Investors
– India April FDI Inflow $6.24 bn,up 38% YoY
– Fitch Upgrades Reliance to Higher than India’s Sovereign Rating
– India Pesticides IPO fully subscribed, gets 129% demand on first day of sale, offer closes June 25
Today’s important events are
– Alert: RIL’s 44th AGM at 2:00 PM
– Listings: Sona BLW and Shyam Metalics
– Global: US Q1 GDP, BoE Interest Rate Decision
– PM Modi To Interact With Toycathon Participants
– PM Modi holds all-party meeting on Jammu and Kashmir
Product Note: India Pesticides Limited – IPO
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