MARKET OUTLOOK FOR 22nd JUNE 2021

TODAY’S MARKET SNAPSHOT:

	NIFTY	BANKNIFTY
OPEN	15525.85	34109.45
HIGH	15765.15	34927.65
LOW	15505.65	33937.50
CLOSE	15746.50	34871.30
PREVIOUS CLOSE	15683.35	34558
SUPPORT	15500	34400
RESISTANCE	15800	35200
VIEW	SELL ON RISE	SELL ON RISE

Today both nifty & bank nifty opened lower but showed recovery in the very first 15 minutes of trade. The recovery continued throughout the trading session and finally both indices closed positive, well above their psychological levels. Heavy Buying was seen in PSU banks, reality & energy stocks while as IT and Auto were major laggards in today’s trading session. Today’s bounce is majorly attributed to the short covering by market participants.

Tomorrow the short covering may continue till nifty hits 15850 and bank nifty 35200 where fresh shorts can be initiated keeping a strict stoploss at 15870 & 35300 respectively. Overall market sentiment is currently favoring the bears. If nifty crosses 15870 and remains above it for 15 minutes, go long for a target of 16050 keeping a strict stoploss at 15840. Similarly, if bank nifty crosses 35300 tomorrow and remains above it for 15 minutes, initiate long positions for a target of 36000 keeping a strict stoploss at 35230.

Today the advance-decline ratio favored bulls in the ratio of 2:1.

FII & DII TRADING ACTIVITY (IN Rs CRORES)

	FII	DII
CM	-1244.71	+138.09
IDXFUT	-478.45
IDXOPT	+1733.94
STKFUT	+74.03
STKOPT	+451.08

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

SYMBOL	LTP	%CHNG	VOLUME
SYMBOL	LTP	%CHNG	VOLUME
ADANIPORTS	730.00	5.13	5,17,59,617
NTPC	118.05	3.96	3,45,97,018
TITAN	1,742.00	1.79	9,25,811
SBIN	419.10	1.50	3,31,28,978
BAJAJFINSV	12,161.15	1.35	2,94,853
UPL	772.60	-4.38	1,03,19,132
WIPRO	543.40	-1.16	53,90,821
TATAMOTORS	334.00	-1.01	2,91,23,887
MARUTI	6,890.10	-1.00	4,43,795
TECHM	1,061.80	-0.83	10,74,790

ANALYSIS OF TODAY’S DERIVATIVE DATA for 24^th June Expiry

1. NIFTY

Today’s option chain data suggests that strong resistance for nifty exists at 16000followed by 15800 and 15900 levels while as strong support exists at 15500 followed by 15600& 15400levels. Heavy call writing was seen at 16000followed by 15900 while as put writing was seen at 15600 and 15500 levels. The derivative data is currently suggesting that nifty will face strong selling near 15800 levels while as buying will be visible near 15500 levels.

• Bank Nifty

Today’s option data on bank nifty is mixed as no major additions are seen on both calls as wells as puts. In fact the option data suggests possible target of 35300 in next trading session while as strong resistance is visible at 35500.

MAXIMUM PAIN OPTIONS FOR 24^TH JUNE EXPIRY

NIFTY	16000
BANK NIFTY	35500

Sectors to watch out for tomorrow

1. Nifty PSU BANK (UP)
2. Nifty Reality (UP)
3. Nifty Auto (Down)

Stocks to watch out for tomorrow:

1. Adani Ports (Sell)
2. Max Financial (BUY)

For exact entry and exit levels, you can mail me at investor0007@hotmail.com