Nifty Closes Below 10700, Crude Oil Prices Spike Above $75 A Barrel


Nifty closed below 10700 and broke its crucial support of 10705 for the first time in two weeks. The selloff was triggered by energy sector heavyweights like HPCL, BPCL, and IOC. Global crude prices soared above $76 a barrel, which added to uncertainties in the markets. Crude oil prices jumped as President Trump urged US allies to cut off Iranian oil imports.

Stocks Under The Scanner
In the IT sector, Tech Mahindra shares rose 4.12%, while the energy sector took a massive hit with BPCL, and HPCL shares down8.33 % and 7.87% respectively. 

The Outlook for 28th June 2018
Daily Chart Levels
In the daily trading charts, Nifty share price closed below its 50 DMA (10671 approx). The index will find its first resistance zone around its 34 DMA ( 10706 approx). If the index breaks and trades above its 5 DMA ( 10753 approx), it will move up till its next resistance zone of 15 DMA ( 10780 approx). However if Nifty breaks and trades below its lower Bollinger band at (10615 approx), its next support zone will be around its 100 SMA ( 10534 approx).



Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its lower Bollinger band (10672 approx). The index will find its first resistance around its 200 HMA (10723 approx). If Nifty breaks and trades above 10730, it will find its next resistance around its 50 HMA ( 10759 approx).



The Outlook For 28th June 2018
Bank Nifty Daily Chart Levels
In the intraday trade, Bank Nifty took the support of its 34 DMA  ( 26368 approx ). The Banking index is likely to find its next resistance around its 15 DMA  (26519 approx). However, if Bank Nifty breaks and trades below 26300, it will slip down till its next support zone around the lower Bollinger band (26171 approx ). 

Bank Nifty Hourly Chart Levels
In the hourly trading charts, Bank Nifty has closed around  26423. The banking index is likely to face its next resistance around its 5 HEMA high (26470 approx). However, if bank Nifty breaks and trades below its 5 HMA ( 26400 approx), it will find its next support area around its lower Bollinger band (26355 approx).

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India’s benchmark Nifty closed below 10700 and broke its crucial support of 10705 for the first time in two weeks. The selloff was triggered by energy sector heavyweights like HPCL, BPCL, and IOC. Global crude prices soared above $76 a barrel, which added to uncertainties in the markets. Crude oil prices jumped as President Trump urged US allies to cut off Iranian oil imports.

Stocks Under The Scanner
In the IT sector, Tech Mahindra shares rose 4.12%, while the energy sector took a massive hit with BPCL, and HPCL shares down8.33 % and 7.87% respectively. 

The Outlook for 28th June 2018
Daily Chart Levels
In the daily trading charts, Nifty share price closed below its 50 DMA (10671 approx). The index will find its first resistance zone around its 34 DMA ( 10706 approx). If the index breaks and trades above its 5 DMA ( 10753 approx), it will move up till its next resistance zone of 15 DMA ( 10780 approx). However if Nifty breaks and trades below its lower Bollinger band at (10615 approx), its next support zone will be around its 100 SMA ( 10534 approx).



Hourly Chart Levels
In the hourly trades, the Nifty share price has closed around its lower Bollinger band (10672 approx). The index will find its first resistance around its 200 HMA (10723 approx). If Nifty breaks and trades above 10730, it will find its next resistance around its 50 HMA ( 10759 approx).



The Outlook For 28th June 2018
Bank Nifty Daily Chart Levels
In the intraday trade, Bank Nifty took the support of its 34 DMA  ( 26368 approx ). The Banking index is likely to find its next resistance around its 15 DMA  (26519 approx). However, if Bank Nifty breaks and trades below 26300, it will slip down till its next support zone around the lower Bollinger band (26171 approx ). 

Bank Nifty Hourly Chart Levels
In the hourly trading charts, Bank Nifty has closed around  26423. The banking index is likely to face its next resistance around its 5 HEMA high (26470 approx). However, if bank Nifty breaks and trades below its 5 HMA ( 26400 approx), it will find its next support area around its lower Bollinger band (26355 approx).

 
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