Morning Market Views:
Indian equities were totally under the bear grip where selling was witnessed in the markets from the highs and well below the crucial support zone of 25450 on the daily charts. The trend of the index is and any break below yesterday’s low will be very further negative for the short-term trend and massive sell off may follow towards 25050-25100 levels. The resistance for the index is around 25400-25450 for the day.
Banking Index have also breached crucial 20-DMA on the charts and looking weak on the charts again. The overall trend of the index is neutral till it is holding 59000 on the lower side while above 59700 we may again enter the bullish side. Short term traders should keep 59000 (spot) as stop loss for all the long contracts and avoid may major long positions till it is not crossing 59700 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: