Marketbuzz podcast with Sonal Bhutra: Sensex, Nifty 50 likely to open in the red

Episode 1037,   Jun 20, 2023, 03:03 AM

This morning, there were no cues coming in from the US markets as they were shut for a holiday. However, Asian markets are in focus as China has cut its five-year loan prime rate by 10 basis points and one-year loan prime rate by 10 basis points to 3.55 percent. This comes in after the Chinese Central bank had cut key interest rates last week itself.Japanese stocks too are in focus as Berkshire Hathaway have raised stakes in five trading firms, all of them higher in trade right now.But if we look at the benchmarks or the headline index, like Hang Seng, is low in trade. SGX Nifty too is indicating that the start for our own markets could be in the negative, yet again, a 50-point downtick is what it is indicating. As far as our own markets are concerned there was an expectation of record highs. Nifty opened higher but saw profit booking from those levels, closed lower by 70 points.PSU Banking index, IT and financial services were the top gainers on Monday.

This morning, there were no cues coming in from the US markets as they were shut for a holiday. However, Asian markets are in focus as China has cut its five-year loan prime rate by 10 basis points and one-year loan prime rate by 10 basis points to 3.55 percent. This comes in after the Chinese Central bank had cut key interest rates last week itself.

Japanese stocks too are in focus as Berkshire Hathaway have raised stakes in five trading firms, all of them higher in trade right now.

But if we look at the benchmarks or the headline index, like Hang Seng, is low in trade. SGX Nifty too is indicating that the start for our own markets could be in the negative, yet again, a 50-point downtick is what it is indicating. As far as our own markets are concerned there was an expectation of record highs. Nifty opened higher but saw profit booking from those levels, closed lower by 70 points.

PSU Banking index, IT and financial services were the top gainers on Monday. In fact, even India VIX< which is the volatility index, was up 3.5 percent in Monday’s trading session.

The defence sector continues to be in focus, on the back of Prime Minister Narendra Modi's US visit. Some of these stocks continued to make new highs on Monday as well.

Today, is where there is some there is some news related to inflows that have come by. Bank Nifty, which has been trading around the 20-day exponential moving average, its resistance comes at 44,050 support comes at 43,400.

Meanwhile, the Nifty support is at 18,600.It is a very crucial level to watch out for. If it breaks below that, we could see further pressure on the benchmark index, but looks like it is expected to be a negative start for our own market.

Tune in to the Marketbuzz Podcast for more cues and news ahead of today’s session

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