Trade Setup For June 19: Nifty Support At 24,725
On the upside, a decisive reclaim of 24,850 may trigger a rally towards 25,000 and higher.
If the NSE Nifty 50 trades below 24,800, the weak sentiments are likely to continue, according to Shrikant Chouhan, head of equity research at Kotak Securities.
Chouhan highlighted that 24,725 will act as a support zone for traders. Below these levels, the markets could slip to 24,500, he said. "On the flip side, above 24,900, the sentiment could change. If it moves above this level, it could rally up to 25,000-25,100," he added.
The Nifty closed below the crucial support level of 24,850 but the Fed decision could lift both global and domestic markets, according to Rupak De, senior technical analyst at LKP Securities.
"On the upside, a decisive reclaim of 24,850 may trigger a rally towards 25,000 and higher, while a failure to move back above this level could drag Nifty down towards 24,500," De said.
Market Recap
India's benchmark equity indices continued to decline for the second straight day on Wednesday, dragged by share prices of ICICI Bank Ltd. and Tata Consultancy Services Ltd.
The NSE Nifty 50 ended 41.35 points or 0.17% lower at 24,812.05, while the BSE Sensex closed 138.64 points or 0.17% down at 81,444.66.
FPI/DII
Foreign portfolio investors remained net buyers of Indian equities for the second consecutive session on Wednesday, mopping stocks worth Rs 891 crore, according to the provisional data from the National Stock Exchange.
Domestic institutional investors continued to stay net buyers for the 24th straight session as they obtained equities worth Rs 1,091.3 crore, the data showed.
F&O Cues
Nifty June Futures down by 0.22% to 24,813 at a premium of 1 point.
Nifty June futures open interest down by 3.14%.
Nifty Options June 19 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 24,000.
Securities in ban period: Aditya Biral Fashion, Birlasoft, CDSL, Chambal Fertilizer, Hudco, Ireda, Manappuram, RBL Bank, Titagarh.
Stocks To Watch
Vodafone Idea: The company has signed an agreement with AST Spacemobile to expand its mobile connectivity. The collaboration will bring direct-to-device satellite broadband connectivity.
Garware Technical: The company has incorporated its wholly owned subsidiary Garwares Technical Fibres AS in Norway.
ESAF Small Finance Bank: The bank has approved the proposal for sale of NPA, written-off loans to asset reconstruction company. It will sell Rs 735 crore of bad loans to the asset reconstruction company for Rs 362.4 crore.
Rupee Update
The Indian rupee opened 11 paise weaker against the US dollar on Wednesday, trading at 86.35 compared to its previous close of 86.24 on Tuesday.
