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Sensex and Nifty 50 have recovered after the sharp fall from the day’s high on Tuesday. Sensex is up 0.6 per cent and is trading at 53,455. Nifty is at 15,890 and is up 0.5 per cent. If the Nifty manages to sustain this bounce, it can revisit 16,000. It will have to be seen if it can breach 16,000 decisively or not. The inability to breach 16,0000 again today will be very negative. It will keep the index under pressure to see 15,400-15,200 levels on the downside again.
In Asia, all major indices are trading sharply lower by over 1 per cent. Nikkei 225 (26,142), Shanghai Composite (3,357), Hang Seng (6,601) and Kospi (2,306) are all down in the range of 1-1.5 per cent.
In the US, the Dow Jones Industrial Average (30,967) had recovered sharply from the day’s low. It will have to be seen if it can get a follow-through rise today or not.
Futures: The Nifty 50 July (15,880) Futures is up 0.66 per cent. It has key resistances at 15,930 and 16,020. A strong rise past 16,020 is necessary to become bullish and see a rise to 16,200. The price action in the coming days will need a close watch to see if the contract is gaining strength and breaking above 16,020 or will turn around again. Inability to breach 15,930 or 16,020 can take the contract down to 15,750 and 15,630 in the coming sessions.
We prefer to stay out of the market today and watch the movement to get clarity.
Supports: 15,750 and 15,630
Resistances: 15,930 and 16,020
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