SGX Nifty down, Nifty technical view, stocks under F&O ban; key things to watch out on Tuesday

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Trends on SGX Nifty suggested that BSE Sensex and NSE Nifty 50 will once again open in negative on Tuesday.

Domestic stock indices were once again looking to open gap-down on Tuesday, following a mayhem in the previous session, as BSE Sensex and Nifty 50 fell more than 2.5 per cent each. Currently, the BSE Sensex sits at 52,847, down 1,457 points or 2.68%, while NSE Nifty 50 fell 427 points, or 2.64%, to settle at 15,774. SGX Nifty was also suggesting that Dalal Street might still be in the grip of bears. “Rising dollar and bond yields in US will force more selling by FPIs in India. This market turbulence is an opportunity for investors to buy stocks which are beaten down due to FPI selling but have improving fundamentals. The best opportunity is in financials, particularly leading banks. This segment has the potential to give market beating returns in the coming one year,” VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

SGX Nifty tanks: Trends on SGX Nifty suggested that BSE Sensex and NSE Nifty 50 will once again open in negative on Tuesday. Nifty futures were trading 0.74 per cent or 117.50 points down at 15,661 on Singaporean Exchange.

Retail inflation eases in May: Retail inflation eased to 7.04% in May from a 95-month high of 7.79% in April, as price pressure across core and food products moderated, partly aided by a conducive base. Inflation based on the consumer price index (CPI) still breached the upper band of the Reserve Bank of India’s medium-term target (2-6%) for a fifth straight month.

Nifty technical view: The short-term trend of Nifty continues to be negative, said an analyst. “Having reached a crucial lower support of 15700 levels and a formation of unfilled weekly opening downside gap, there is a possibility of an upside bounce from the lows of around 15500-15400 levels in the next 1-2 sessions,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Global markets tumble: Asian stock markets fell in early trade on Tuesday after the S&P 500 fell overnight and closed in bear market territory. The Nikkei 225 in Japan fell more than 2% while the Topix i...

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