Commenting on the pre market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Gift Nifty wavered early, hinting at potential struggles for Nifty to hold intraday gains. Bullish traders are concerned about the slow monsoon progress and last Friday’s negative session. Key upcoming events include US PCE inflation data on June 28th, US GDP figures on June 27th, and India‘s fiscal deficit and infrastructure output on June 28th.
Tapse also added that Key upcoming events include US PCE inflation data on June 28th, US GDP figures on June 27th, and India’s fiscal deficit and infrastructure output on June 28th. High volatility is expected with June derivatives expiry on June 27th. Technically, Nifty faces major resistance at 23,667 with crucial support at 23,257 and is likely to trade between 22,600-24,000.
“Recommended trades are selling Nifty at 23,501 with targets of 23,371/23,257 and buying Bank Nifty on dips for targets of 52,100/52,500. Bullish stocks include JINDAL STEEL & POWER, MGL, and NALCO, while TVS Supply Chain Solutions is a buy at CMP 183, with a target of 205/223 and a stop at 137, holding for 12-15 months,” said Tapse.
