Nifty outlook Nifty50 witnessed a volatile day on Wednesday as across-the-board long unwinding weighed on Dalal Street. The index is showing a sign of fatigue after forming a bearish belt hold candlestick pattern on the daily chart and could see further profit booking as it has managed to close below its 20-DMA at 15,760. We expect the index to remain rangebound during the first half of the July series with the level around 15,600 acting as a strong floor and 16,000 as a ceiling level.
Tech picks (Jayesh Bhanushali is Sr Derivative & Technical Research Analyst at IIFL Securities)
By Rupak De
Commodity Calls FX Technical
USD/INR status: The pair is likely to move towards the 75 level. Call for the day: Go long in July futures around 74.30 for a target of 75 with a stop loss at 74
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EUR/INR status: The pair is likely to move towards 89.50. Call for the day: Go long in July futures around 88.40 for a target of 89.50 with a stop loss at 87.90
(Rupak De is Senior Research Analyst at IIFL Securities)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
