Hello reader, hope you’ve had a good weekend. Dark cloud cover is seen hovering over the Dalal Street and key local benchmark indices could retreat in early trades Monday due to weak global market cues. Intra-day the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the global economic recovery path. Technically, the Nifty is likely to gather bullish momentum only above the 18888 mark while Bank Nifty may see upward momentum only above the 44000 mark. For Nifty, the support is seen at 18555 mark while the biggest support for Bank Nifty is at 43300 mark.
Important points to note:
- The board of directors of India’s second largest private lender ICICI Bank will meet on June 29, Thursday, to consider a proposal for delisting of its institutional and retail broking arm ICICI Securities. Post this announcement, the stock is up by approximately 13% today.
- With wednesday being a holiday this week, plus the final expiry of June series, a good round of profit booking can be seen in the markets now.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.