Nifty ends June quarter 9.4% down; fresh uptrend possible only after NSE Nifty sees 15900 breakout

BSE Sensex and NSE Nifty 50 ended the June month 5 per cent down, and April-June quarter 9.4 per cent lower.

Sensex, Nifty
Markets languished in negative territory for most part of the trading sessions and finally ended flat on the expiry day. Image: Pexels

BSE Sensex and NSE Nifty 50 ended the June month 5 per cent down, and April-June quarter 9.4 per cent lower. BSE Sensex fell 8 points to end at 53,019, while Nifty 50 ended at 15780, down 19 points on Thursday, a day of weekly and monthly F&O expiry day. Tech Mahindra, IndusInd Bank, Bajaj Finance, Tata Steel, Bajaj Finserv, HCL Tech, M&M, HDFC were among top index draggers. On the flip side, Axis Bank, State Bank of India (SBI), Kotak Mahindra Bank, NTPC, ICICI Bank, Reliance Industries Ltd, L&T were among top BSE Sensex gainers. On the sectoral front, Nifty Bank index jumped half a per cent to end at 33,425.10 levels.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

Markets languished in negative territory for most part of the trading sessions and finally ended flat on the expiry day. The undertone remains bearish due to weak global cues and persistent foreign fund outflows. There is so much uncertainty that traders don’t want to risk placing huge bullish bets. Technically, from the last three days the market has been witnessing non directional activity. For Nifty, 15700 could be the key support level and 15900 would act as an important resistance zone. On further decline, the index could fall to 15600-15550 levels. Any fresh uptrend is possible only after the index sees 15900 breakout and above the same it could move up to 16000-16050.

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended marginally in the negative on F&O expiry day, month end and quarter end day on June 30. Most global markets fell again Thursday as traders fear that hefty rate hikes to rein in soaring inflation will spark a recession. Global stocks sank on Thursday to extend what is the worst first half of the year for global share prices on record, as investors worry that the latest show of central bank determination to tame inflation will slow economies rapidly. Nifty ended 5% lower for the month and 9.4% lower for the quarter even as FPIs continue to be sellers on almost all days. It closed at the lowest in 4 days on June 30, once again failing to hold on to gains. 15565-15892 could be the band for the Nifty over the next few days.

Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities

The Nifty index is stuck in a sideways trend where the immediate support is placed at 15,700 and resistance is at 15,900 level. The index once breaches the level of 15,900 on the upside will see sharp short covering on the upside towards 16,200 levels. The lower-end support if broken can see a fall towards 15,500-15,400 zone where fresh put writing has been seen. The fight between the bears and the bulls continued in the Bank nifty index which led the index closed on a flat note on the last day of monthly expiry. The immediate support on the downside is placed at 33,200-33,000 zone and the upside resistance is placed at 34,000 where a significant amount of call writing has been observed. The index needs to break out of this range on either side for getting a directional move.

Vinod Nair, Head of Research, Geojit Financial Services

Shaking off a weak lead from the global market, domestic indices recouped its losses backed by banking and energy stocks. Asian and European markets struggled to regain footing amid global recession fears, leading to a resurgent US dollar, which benefitted from safe-haven demand. FII selling nearing exhaustion provided comfort to the jittery Indian market.

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