Nifty Mid-Day Update: Indo-China Border tensions increase on Galwan Valley

Indo-China Border tensions increase on Galwan Valley
Indo-China Border tensions increase on Galwan Valley

16062020 Mid-Day-Update:- Nifty moves, Stocks to Trade, FnO Action and Much More. Nifty erases all opening gains and trading around 9800 as of 13:30hrs, N. Korea blows the joint liaison office in Kaesong, *Indo-China Border tensions increase on Galwan Valley, 2 Army Officers killed along with Colonel, US President to sign an executive order on police reform today. Sovereign wealth fund of Saudi Arabia set to pick stake in JIO Platforms. Tata Group Senior Staffs to take pay cuts between 15 – 20%

Nifty Open- 10014.8, High- 10046.15, Low- 9830.05, Last- 9820. The Index is unable to hold its gains at open and tried to hover between 9940-9980 for long time and then broke to take support at 9830 levels as of now. The fall could be steep if Nifty breaks 9720 as we keep mentioning from yesterday and we need to watch closely on the Border tensions and what the 2PM Army Briefing is going to deliver.

Any upswings in this market has to be digested and we would recommend to remain with Caution and light on positions With these and also FED Powel statement this evening we are going to have a huge swing in markets. 

Top Gainers are GodrejCP, LICHSG, FConsumer, JindalStel, OIL while top losers are TataMotor, TataMtrDvr, IDEA, AxisBank and FRetail. PI Industries, Reliance and Jubilant Life continued making new highs while markets are sluggish. 144 stocks from Nifty200 are in red while 68 stocks in green, Media, Metal, IT and FinServ indices were in green as of 13:30 and yesterday’s hero PSUBank was in deep red followed by Realty and Pharma.

VIX continued its upsided at 33.95 and top gainers were GodrejCP, LICHSG, TVSMotor, JindalStel and BharatForge while top losers were TataMotor, IDEA, AxisBank, IndusInd and PNB. We are witnessing Long Builtup in JindalStel, RECm Balkrishna, Escorts and Hindalco while Short Builtup seen in ApolloHosp, GodrejProp, Axisbank, CenturyTex and Ujjivan. Short Covering seen in NIITTEch, TorntPhar and Grasim.

Over next 2 hours we see Nifty supports at 9716, 966t6, 9617 and 9565. Upon news flows we expect Resistance at 9862, 9911, 9960 and 10020. Fingers Crossed and this market moves will be beyond technical indicators. For further levels and trade ideas keep connected with our Website, App, Twitter, FB and Telegram pages.

Author Biography
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Premkumar Ramachandran, B.Sc (Maths) Graduate and M.B.A (Finance & Mrktg) by Qualification. Associated with the Financial markets since 1997 and with Equity Broking since 2001 with various Institutions (HDFC, Kotak, ICICI) under various capacities and Exited as Head-Product of Equity and Distribution (Alternate Channels) before starting off this service in 2016. View more
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