The historic meeting between President Trump and his North Korean counterpart Kim Jong Un has put an end to a decade-long political rivalry between the two countries. The leaders exchanged warm handshakes and signed a comprehensive agreement marking the beginning of a new dawn in the Korean Peninsula. This historic move is likely to bolster business sentiments in the emerging markets as President Trump is likely to relax sanctions imposed on North Korea in exchange for a complete denuclearization. The positive effects are likely to be felt in Asian markets in the days to come.
Stocks Under The Scanner
In the pharma sector, Lupin share price was up 6.38%, while Dr. Reddy share price was up 5.37%. Bharti Airtel share price was down 2.15% in today’s trading session.
The Outlook for 13th June 2018
Daily Chart Levels
The benchmark index Nifty closed marginally its upper Bollinger band (10845 approx). The index is likely to test 10860 levels approx in tomorrows trading session. If Nifty trades above 10875, it will see a new rally towards 10930 approx. The nearest support for the index is around its 5 DMA high (10805 approx). If the index breaks and trades below its 5 DMA (10765 approx), it will find its next support around its 10 DMA (10700) approx
Hourly Chart Levels
The hourly trades, Nifty's share price has closed around its 5 HMA (10845 approx). If the index trades above face its 5 HEMA high (10855 approx) it will see a rally till its upper Bollinger band (10885 approx). However in the hourly timeframe, Nifty will find its nearest support around its 10 HMA( 10824 approx).
The Outlook For 13th June 2018
Bank Nifty Daily Chart Levels
Bank Nifty closed around its 5 DMA high ( 26608 approx ) in the daily trading session. The banking index is likely to face its next round of resistance around the 26660 mark, which is also its high for the day. If Bank Nifty breaks and trades above 26670, it will find its next round of resistance around its upper Bollinger mark ( 26930 approx). However, the index will find its nearest support around its 5 DMA (26475 approx). If Bank Nifty trades below26470 it will find its next support around its 15 DMA (26375 approx).
Bank Nifty Hourly Chart Levels
In the hourly trading time frame, Bank Nifty took the support of its 5 HMA and closed at (26608 approx). The index is likely to face a minor resistance around the 5 HEMA high (26620 approx). If Bank Nifty breaks and trades above 26630, it will find its next round of resistance around its upper Bollinger mark (26675 approx). However, the index trades below 26570 approx, it will find its next support around its 10 HMA (26540 approx).
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.