Capital Advisors says that Nifty opened on a flat note and we witnessed a downfall of 95 points in the initial hour of the session and took support on the Bullish trend line that is being followed from past 2 weeks, after which it trimmed more than 50% of the losses incurred in today’s session but ultimately ended in the red zone. Nifty is facing major resistance in closing above 15750-15800 zone and so the prices are moving in a marginally sideways to Bullish trend. Except IT, FMCG, Media and Pharma sector, all the major sectors ended in the red zone.

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In the absence of any major trigger, markets closed nearly flat in a volatile trading session. The index began the day flat, but selling pressure in the financial majors brought it down in the first hour of trading. Nifty rose steadily throughout the day, owing to purchasing interest in IT, FMCG, and healthcare companies, and eventually settled at 15,740. In the absence of a trigger, the index may consolidate further, thus it's wise to stick to a stock-specific trading strategy. Stability in the banking index is essential for future directional movement in Nifty; else, the mediocre trend would persist. While the markets are encountering resistance at higher levels, they have strong support at 15600, which will keep the market trend favourable as long as it holds on a closing basis. Traders can take advantage of any intraday drop or correction to build long positions in the index. The Nifty has a potential aim of 15900-16000, says Capital Advisors.

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Nifty June opened on a flat note and we witnessed a sharp fall in the prices of 84 points, after which prices formed an immediate support zone in a tight range of 15710-15690 and moved in a marginally sideways to Bullish trend for the rest of the day. Nifty Support is near 15700-15650 and Resistance is   around 15790-15860.

Bank Nifty June opened on a negative note with a gap-down of 61 points after which we witnessed a steep fall in the prices of 446 points. Prices formed a strong base in the 35175-35100 zone but were not able to cover the losses incurred. Bank Nifty Support is near 35180 - 35100 and Resistance is around 35380 – 35450 levels.