Index levels & Views for 25 June
Nifty Spot closed at 11699
Resistance at 11735, 11770
Support at 11645 , 11615
BankNifty closed at 30602
Resistance at 30730, 30805
Support at 30430, 30310
View: - Break of Yesterday range is key in Nifty & BankNifty both, break lows of yesterday is bearish. Market is not able to sustain the higher levels ( Index ), but the outside index stocks are seeing some respite. In my view with the budget approaching we are also approaching a big move soon on Index.
Broader view - Budget is ahead of markets, but in actual GST council meet is the Budget now. I expect the 20 May gap (Created post Exit poll announcement ) to be filled in next 5-15 days. Bulls are not in control of the index, Its a matter of when and not If.
HDFC Bank is going to be a key stock to watch, it is likely to move markets going ahead. Stock has been in range since last 15 sessions now.