Nifty & Bank Nifty : Banking Crisis Again in US

The banking crisis again !! The world money flows through banks and this can be serious in coming days. Some more domino effect is pending. Go back to 2008, the first crash was in Jan 2008 followed by April 2008, May 2008 and then the final in October 2008. This is how banking crises unfolds. The reason is simple, banks work in layers.... as and when each layer uncovers, some disruption starts. Thinner layers means smaller banks and eventually bigger banks, bailouts and restructuring.

Make money using our bank nifty option tips on a daily basis.

As we wrote yesterday, Nifty was at 61.6% retracement and thar is a strong resistance. Today we see some correction. We expect range markets for the week with stock specific moves.

Nifty. Support is placed at 18080 and resistance at 18180. This 100 points range should be enough for the day.

BankNifty. Support is placed at 42850 and 43000 with resistance at 43500.

Evening Update

This is a post-market report on the stock market. The market was volatile today, with the broader market outperforming mid-cap and small-cap indices. However, IT and Reliance stocks gave up almost all their gains from yesterday. The banking sector was okay, with Kotak Bank performing well. The Fed is expected to raise interest rates by 25 basis points, but its chairman's comments about rate hikes and the collapse of mid-sized banks will be key at midnight Indian time. The debt ceiling issue in the US and the Karnataka state election news will also impact the market. Professional investors are being cautious and carrying minimal positions ahead of key events. However, economic data, such as the PMI, auto sales, and FII investments, are positive.

US Fed Rate Update

Fed lifts rates by 0.25%, signals June pause amid shift to data-dependent stance.