Market Closes Flat Ahead of RBI MPC Meeting
The Indian stock market closed flat on June 6, ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting results. Despite the market closing at 18,599 points, a 0.03% rise, rate-sensitive stocks such as banking, auto, and realty saw some buying. The hope is that the RBI will impose a rate hike to control inflation and stabilize the market.
Technical Analysis: Nifty Range Bound
According to Rajesh Bhosale, a technical analyst at Angel One Limited, the daily chart shows a clear range between 18,450 and 18,700 points for the Nifty. Market experts believe that the current trend is towards the upper range. With the strong close seen in the last session, it is possible that the Nifty could touch the upper range in the early hours of June 7.
Bank Nifty Sees Long Build-Up
During the last session, Bank Nifty was seen trading within a small range. The daily chart formed a Doji candle, indicating indecision in the market. However, there was a heavy long build-up seen in the open interest of JK Cement, Shree Cement, Ultratech Cement, and ACC. LKP Securities’ senior technical analyst, Rupak De, suggests that Bank Nifty has support at 44,000 points. If it falls below this level, it could see a decline to 43,700 points. On the upside, there is resistance at 44,300 and 44,500 points.
Emphasis Sees Short Build-Up
Emphasis saw a 13% decline in open interest, indicating a short build-up. This could mean a bearish trend in the stock, with a decline in prices expected in the coming days.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of the website or its management. Users are advised to consult certified experts before making any investment decisions.
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