Nifty rollover increases marginally on Tuesday

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BSE Sensex opened at 30,988 up by 30 points, while the Nifty50 opened up by 9 points at the 9,520 mark.

Nifty50 index has immediate support placed in the range of 9,450, and if it slips below this support zone, the next support is likely to come around the level of 9,400, while on the upside resistance is seen in the zone of 9,550.

Nifty witnessed sharp intraday fall in Tuesday’s trading session. PSU Bank stocks were the biggest draggers for the market. As per many market observers, the correction in the market is likely to continue further.

During Tuesday’s trading session, the Nifty rollover data for the month of June stood at 47.81% as against 39.23% in the previous month. However, during Friday’s trading session, the Nifty rollover data for the month of June stood at 19.24% as against 25.03% in the previous month. Looking at current market conditions, market observers believe that Nifty and Sensex have started their downward rally and are likely to stay lower for medium term.

GST rollout, monsoon development and expiry of June derivatives series are some of the factors that are fuelling uncertainty in the market.


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