Asian markets mixed ahead of crunch central bank meetings, Nik,32476/210/0.65% Dj,33876/43/0.13% Vix13.83/1.32% S&P500 notches 4th straight positive week, touches highest level since August,
Oil,70.35,posts second weekly decline as demand concerns overshadow saudi cut, Gold,1975.7, heads for best week in five on Fed rate pause bets, Bonds, 3.743, climbs as investors prepare for Fed policy meeting , Dollar, gains for fed meeting ,inflation data, BC 25762/77/0.33%
Nifty:18563.4/-71.15/-0.38%;Candle:OGU,Short day red; Bank Nifty:43989/-6.25/-0.01% Candle:Of,Doji ; HB:OGU,Doji,1612
News:The SGX Nifty indicates a marginally higher start for the broader index with a gain of 70 points on Monday. SGX futures stood at 18,680. Moody’s sees India’s GDP expanding 6-6.3 percent in Q1, flags fiscal slippage risks, MPC may not go for rate cut before February 2024: HDFC Securities,
Events/Results:The National Stock Exchange has added Indian Energy Exchange and India Cements to its F&O ban list for June 12, and retained Indiabulls Housing Finance on the list.
Market wrap up(DWM,T,N,E):With the Nifty50 falling below the 18,600 mark on June 9, we saw selling pressure in equity benchmarks for yet another session as all sectors trended down, led by FMCG and IT. The BSE Sensex dropped 223 points to 62,626, while the Nifty50 declined 71 points to 18,563, and formed a bearish candlestick pattern on the daily charts for the second straight session. Overall, the Nifty is not displaying any major signs of weakness. However, “at higher levels, signs of exhaustion are emerging, with negative divergence observed in momentum indicators, suggesting a potential for profit booking in the market,” the immediate and crucial support level stands at the 20-day moving average (DMA) of 18,450, and if breached, the next support level would be 18,180. On the upside, the 18,800-18,888 range is seen to be a resistance zone, Broader markets also trended downward, with the Nifty Midcap 100 and Smallcap 100 indices falling over one-tenth of a percent each on weak breadth, even as volatility remained lower levels. The India VIX closed at a one-and-half-month low (11.12), indicating that the market is more stable.
