A trader works on the floor at the closing bell of the Dow Jones Industrial Average at the New York Stock Exchange. Nifty closed at 9, on Friday, which showed the technical set up of the market is deteriorating.

It is likely to test 9, in the short term.

The open interest of the Nifty 9, put option is also supporting this level. High open interest at strike price of the Nifty put option, indicates the strong support level at this level. If Nifty falls below 9, level then it could test 9, but chances are remote. Fed increased the interest rates by quarter percentage, and we can expect more interest rate hikes in the near term.

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Our domestic India VIX also closed at Nifty put-call ratio also further giving indication that Nifty could bounce back towards 9, levels. Banking stocks may get support at lower levels, Bank Nifty could get support at 23, and it has resistance at 23, If Nifty moves above 9, level, then we can see selective buying in front line banking stocks. Like Banking Nifty, metal index is also suggesting further uptrend, it could move towards 3, in the short term.

Other than Metal Index Nifty, the FMCG sector also indicating further upward movements. On the contrary, Nifty IT and Pharma sector along with Nifty Auto index are looking weak. At the beginning of the week, we can expect selective buying and short covering, but do not expect sharp bounce back.

Nasdaq news The Nasdaq indicator is still looking weak but Dow Jones is placed better. Dow Jones has immediate resistance at 21, and 21, it has support at 21, It is prudent to buy long strangles of Nifty rather than buying the put options alone. Last week, the May WPI inflation figures came out, which was below street expectation and it stood at 2.

Next week Infrastructure output YOY and Foreign exchange reserve datas are due. From US, EIA Crude oil stock change, US Markit Composite PMI flash and Manufacturing PMI flash are due next week. Current new york stock exchange dow jones average, Balance of Trade, unemployment rate, Industrial production MOM, GDP growth rate and Balance of earnest money mortgage contingency are expected in the week.

Crude is weak, the weekly charts and monthly charts indicate further weakness in the days to come. OPEC nations decided to reduce output to support the falling crude oil. Good as gold Gold is weak due to high interest rates in US, and slow demand despite the geo-political tensions. Tubelight Mumbai Rains International Yoga Day Mumbai Crime Anil Kumble Virat Kohli. Love Relationships New york stock exchange dow jones average Environment Cars - Bikes People Culture Special Dear Diana Entertainment Bollywood News Hollywood News Television News Movie Reviews Regional Cinema Photos Videos Mumbai.

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