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Budget 2023
Budget 2023

Trade Setup for Wednesday: Top 15 things to know before Opening Bell

Key support level for the Nifty is placed at 10,528.24, followed by 10,449.17. If the index moves up, the key resistance levels to watch out for are 10,721.04 and 10,834.77.

July 15, 2020 / 07:09 AM IST

Profit-booking in light of weak global cues, rising coronavirus infections, imposition of new areas under lockdowns and flaring US-China tensions dragged Indian equities lower on July 14.

The Sensex closed 661 points, or 1.80 percent, lower at 36,033.06 and Nifty settled 195 points, or 1.81 percent, down at 10,607.35.

"June quarter earnings season started last week and is expected to be a complete washout. Management commentary would be keenly watched out for, which could keep the market volatile in the near-term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

He advises traders to stay cautious and investors to be more defensive in their portfolio approach. "Market valuations have become expensive at this level. The Nifty is now trading at forward P/E of 20 times, a 14 percent premium to its long period average (LPA). Technically, the Nifty has broken its rising support trend line and could continue to decline towards 10,500-10,450 levels."