Nifty Slips Below 10600, PSU Banks Drag, Rupee Hits Record Low


Nifty closed at 10589 today, the index corrected 335 points from its recent high of 10893, which was also the high of the June expiry. In today’s trade PSU banks led the selloff with a cumulative correction of almost 2% in the sector. The Rupee, on the other hand, has hit a record low of 69.27 to a Dollar. The weakness in the currency has been triggered by the change in the US policy to curb the supply of Iranian crude oil. India and Iran had signed an MOU to ditch the Dollar and settle all crude oil deals in their respective currencies. In a recent statement, the US President Donald Trump has urged its allies to cut out crude oil imports from Iran, effective November 2018. The surprise move has caused the dollar index to surge above 95.50 while global crude oil prices are inching closer to $78 a barrel. Nifty might see a bounce back on the first day of the July expiry.

Stocks Under The Scanner
In the power sector, NTPC shares rose 1.76%, while Tech Mahindra shares from the IT sector fell 7.04%. HPCL shares were down 4.72%. 



The Outlook for 29th 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 5 HMA (10590 approx). The index will find its first support around its lower Bollinger band (10545 approx). If Nifty breaks and trades above it are 5 HEMA high(10620 approx) it will find its next resistance around its 15 HMA ( 10658 approx).





The Outlook For 29th June 2018
Bank Nifty Daily Chart Levels
In the daily charts, Bank Nifty has closed at 26324, if the index trades above it’s 34 DMA( 26324 approx ) it will find its next resistance around 20 DMA ( 26485 approx). However, if  Bank Nifty breaks and trades below its lower Bollinger band (26195 approx), it will find its next support around its 50 DMA(20690 approx). 



Bank Nifty Hourly Chart Levels
In the hourly trading timeframe, Bank Nifty has taken the support of its 5 HMA (26305 approx). The banking index is likely to face its next resistance around its 10 HMA high (26355 approx). However, if bank Nifty breaks and trades below 26290, it will find its next support area around its lower Bollinger band (26205 approx).




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India’s benchmark Nifty closed at 10589 today, the index corrected 335 points from its recent high of 10893, which was also the high of the June expiry. In today’s trade PSU banks led the selloff with a cumulative correction of almost 2% in the sector. The Rupee, on the other hand, has hit a record low of 69.27 to a Dollar. The weakness in the currency has been triggered by the change in the US policy to curb the supply of Iranian crude oil. India and Iran had signed an MOU to ditch the Dollar and settle all crude oil deals in their respective currencies. In a recent statement, the US President Donald Trump has urged its allies to cut out crude oil imports from Iran, effective November 2018. The surprise move has caused the dollar index to surge above 95.50 while global crude oil prices are inching closer to $78 a barrel. Nifty might see a bounce back on the first day of the July expiry.

Stocks Under The Scanner
In the power sector, NTPC shares rose 1.76%, while Tech Mahindra shares from the IT sector fell 7.04%. HPCL shares were down 4.72%. 



The Outlook for 29th 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 5 HMA (10590 approx). The index will find its first support around its lower Bollinger band (10545 approx). If Nifty breaks and trades above it are 5 HEMA high(10620 approx) it will find its next resistance around its 15 HMA ( 10658 approx).





The Outlook For 29th June 2018
Bank Nifty Daily Chart Levels
In the daily charts, Bank Nifty has closed at 26324, if the index trades above it’s 34 DMA( 26324 approx ) it will find its next resistance around 20 DMA ( 26485 approx). However, if  Bank Nifty breaks and trades below its lower Bollinger band (26195 approx), it will find its next support around its 50 DMA(20690 approx). 



Bank Nifty Hourly Chart Levels
In the hourly trading timeframe, Bank Nifty has taken the support of its 5 HMA (26305 approx). The banking index is likely to face its next resistance around its 10 HMA high (26355 approx). However, if bank Nifty breaks and trades below 26290, it will find its next support area around its lower Bollinger band (26205 approx).




 
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