A morning walk down Dalal Street | Nifty must firmly hold 11,800 to avoid bearishness
Episode 1369, Jun 28, 2019, 01:30 AM
A volatile Thursday as traders rolled over their positions from June series to July series. The Sensex and Nifty50 closed 0.62 percent and 0.87 percent lower, respectively, in June series. This is the first time in last three months when indices closed the series in the red.
Rollover towards July series stood at 80 percent compared to 71 percent seen at the beginning of June series.
Nifty consolidated in a narrow range with 50-day exponential moving average (EMA) acting as a support for the index while on the higher side, 20-day moving average placed around 11850 posed a tough resistance.
The next big event to track in July series would be the Budget 2019, which is scheduled to be released on Friday, July 5. The likely range based on the options data is 11,500-12,000.
The Indian rupee pared initial losses and closed 8 paise higher at 69.07 against the US currency on June 27, supported by easing crude oil prices and weaker greenback.
On the institutional front, FPIs were net sellers while DIIs were net buyers to the tune of Rs 196 crore, provisional data showed.