Morning Market View:
Indian equities might show some respite today after the recent steep sell off all thanks to the good global set up and domestic oversold conditions. The trend of the index is neutral now and any break below yesterday’s low will be very further negative for the short-term trend. The resistance for the index is around 25400-25450 for the day while 25000 will be the psychological support area.
Banking Index have again drifted lower in the last trade and looking weak on the charts again. The overall trend of the index is neutral till it is holding 58500 on the lower side while above 59200 we may again enter the bullish side. Short term traders should keep 58500 (spot) as stop loss for all the long contracts and avoid may major long positions till it is not crossing 59500 on the higher side.
On the geopolitical front, the ongoing tariff issues between US-EU followed by Iran issues will continuously weigh on the Indian equities in the today’s trade while US Supreme court will also again expected to give its judgement on the Trump tariffs today post markets.
Results for the day: