Indian markets ended lower for the second consecutive week of June and also posted their biggest weekly fall since May 2020 as global inflation pressure worries lead to monetary policy tightening by central banks. For the week, Nifty fell 908.3 points (5.6€%) to end at 15,293.5, while Sensex fell 2,943.02 points (5.41%) to close at 51,360.42,
Among the broader indices, the Small-cap index declined 6.6%, while the Mid-cap and and Large-cap indices losing over 5% each. All sectoral indices ended in the red, with metal and Oil and gas index losing more than 9% each and the Information Technology index down by 8% The Indian rupee declined lower against the U.S. dollar. The rupee closed 23 paise down at 78.07 per dollar on June 17 against its last week close of 77.84.
Foreign Institutional Investors (FII’s) continued selling, as they sold equities worth Rs 23,273.67 crore, while Domestic Institutional Investors (DII’s) bought shares worth Rs 17,226.16 crore. The FII’s have sold equities worth Rs 42,088.63 crore in June, so far, even as DII’s bought shares worth Rs 30,312.85 crore.
Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities, said, For the traders 15,400 would act as a trend decider level and above the same, the Nifty could touch the level of 15,600-15,700. On the other hand, below 15,400, the index could touch the level of 15,200.
Further down side may also continue which could pull the index till 15,000. Meanwhile, after a long time, on weekly charts the Bank Nifty closed below the important support level of 33,000. The chart suggests below 33,000 it could slip up to 32,000-31,500, he added.
