SGX Nifty tanks 190 pts, Sensex, Nifty stare at gap-down start; 5 things to know before market opens

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June 21, 2021 8:31 AM

BSE Sensex and Nifty 50 snapped a four-day gaining streak last week, ending up to a per cent lower.

sensex, nifty, stock marketOn the domestic front, the progress of the monsoon and updates on the vaccination drive will be closely watched.

BSE Sensex and Nifty 50 snapped a four-day gaining streak last week, ending up to a per cent lower. SGX Nifty tanked 191.50 points or 1.22 per cent to 15,558 on Singaporean Exchange. Investor sentiment was hit after the US Federal Reserve monetary policy meeting hinted at interest rate hikes by 2023. With no major event, global cues are likely to continue to dictate the market trend. On the domestic front, the progress of the monsoon and updates on the vaccination drive will be closely watched. “Indications are in the favor of further consolidation in the index but the bias would remain on the positive side till Nifty holds above 15,400. Meanwhile, participants should maintain their focus on the selection of stocks and use dips to gradually accumulate the fundamentally sound counters,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.

Global watch: Asian markets were trading in red on Monday, as Japan’s stock markets plunged over 3 per cent. Japan’s Nikkei 225 tanked 3.18 per cent and the Topix index shed 2.44 per cent. Hong Kong’s Hang Seng index dropped 1.45 per cent. In overnight trade on Wall Street, US stocks ended sharply lower. The Dow Jones Industrial Average fell 1.58 per cent, the S&P 500 lost 1.31 per cent, and the Nasdaq Composite dropped 0.92 per cent.

Call, Put OI: On option front, the maximum Call OI is at 16000 strike followed by 15800 strike. Put OI was seen at 15000 strike followed by 15500 strike.

FIIs turn net buyers in India stock market: On Friday, foreign institutional investors (FIIs) lapped shares worth Rs 2,680.57 crore, while domestic institutional investors (DIIs) bought shares worth Rs 446.20 crore on a net basis in the Indian stock market.

Nifty support, resistance: Technical analysts say that the short-term trend of Nifty is very volatile. “The short-term downward correction seems to have completed and the Friday’s low of 15450 could be important support as of now. This swing low is expected to be a new higher bottom formation of a larger degree, post-confirmation. Hence, Nifty sustaining above 15700 levels by next week is likely to open a way for another new all-time highs-above 15901,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Dodla Dairy, KIMS IPOs: The Rs 520-crore IPO of Dodla Dairy was subscribed 45.6 times and Krishna Institute of Medical Sciences’ (KIMS) Rs 2,144-crore issue was subscribed 3.9 times on the final day of subscription on Friday

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