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June 16, 2025

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An attempt to break out of a month-long consolidation fizzled out as the Nifty declined and returned inside the trading zone it had created for itself. Over the past five sessions, the markets consolidated just above the upper edge of the trading zone; however, this failed to result in a breakout as the markets suffered a corrective retracement. The trading range stayed wider on anticipated lines; the Index oscillated in a 749-point range over the past week. The volatility rose; the India Vix climbed 3.08% to 15.08 on a weekly basis. The headline Index closed with a net weekly loss of 284.45 points (-1.14%).

We have a fresh set of geopolitical tensions to deal with Israel attacking Iran. The global equity markets are likely to remain affected, and India will be no exception to this. Having said this, the Indian markets are relatively stronger than their peers and are likely to stay that way. Despite the negative reaction to the global uncertainties, Nifty has shown great resilience and has remained in the 24500-25100 trading zone, in which it has been trading for over a month now. There are high possibilities that over the coming week, the Nifty may stay volatile and oscillate in a wide range, but it is unlikely to create any directional bias. A sustainable trend would emerge only after Nifty takes out 25100 on the upside or violates the 24500 level.

The levels of 25100 and 25300 are likely to act as resistance points in the coming week. The supports are likely to come in at 24500 and 24380.

The weekly RSI stands at 57.67; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.

The pattern analysis of the weekly chart shows that the Nifty has failed to break above the rising trendline resistance. This trendline begins from 21150 and joins the subsequent higher bottoms. Besides this, it reinforces the 25100 level as a strong resistance point. For any trending upmove to emerge, it would be crucial for the Index to move past this level convincingly.

Overall, it is unlikely that the Nifty will violate the 24500 levels. The options data shows very negligible call writing below 24500 strikes, increasing the possibility of this level staying defended over the coming days. Unless there is a situation with more gravity to be dealt with, the markets may stay largely in a defined trading range. The sector rotation stays visible in favor of traditionally defensive pockets and low-beta stocks. We continue to recommend a cautious stance as long as the Index does not move past the 25100 level and stays above that point. Until then, a highly stock-specific approach is recommended while guarding profits at higher levels.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that the Nifty Midcap 100 has rolled inside the leading quadrant and is set to outperform the broader markets relatively. The Nifty PSU Bank and PSE Indices are also inside the leading quadrant; however, they are giving up on their relative momentum.

The Nifty Infrastructure Index has rolled into the weakening quadrant. The Banknifty, Services Sector Index, Consumption, Financial Services, and Commodities Sector Indices are also inside the weakening quadrant. While stock-specific performance may be seen, the collective relative outperformance may diminish.

The Nifty FMCG Index languishes in the lagging quadrant. The Metal and Pharma Indices are also in the lagging quadrant, but they are improving their relative momentum against the broader Nifty 500 Index.

The Nifty Realty, Media, Auto, and Energy Sector Indices are inside the improving quadrant; they may continue improving their relative performance against the broader markets.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

This Time Technology Beats Financials

After a week of no changes, we’re back with renewed sector movements, and it’s another round of leapfrogging.

This week, technology has muscled its way back into the top five sectors at the expense of financials, highlighting the ongoing volatility in the market.

Communication Services and Consumer Staples have swapped places since last week, while Technology has entered at number five, pushing Financials down to sixth. The remaining sectors from seven to eleven remain unchanged.

This constant shuffling is a clear indicator of the market’s indecision. Imho, such volatility usually doesn’t accompany a sustainable trend, and that’s precisely what’s hurting trend-following models right now.

  1. (1) Industrials – (XLI)
  2. (2) Utilities – (XLU)
  3. (4) Communication Services – (XLC)*
  4. (3) Consumer Staples – (XLP)*
  5. (6) Technology – (XLK)*
  6. (5) Financials – (XLF)*
  7. (7) Real-Estate – (XLRE)
  8. (8) Materials – (XLB)
  9. (9) Consumer Discretionary – (XLY)
  10. (10) Healthcare – (XLV)
  11. (11) Energy – (XLE)

Weekly RRG Analysis

On the weekly Relative Rotation Graph, the Technology sector is showing impressive strength. Its tail is well-positioned in the improving quadrant, nearly entering the leading quadrant with a strong RRG heading. This movement explains Technology’s climb back into the top ranks.

Industrials remains the only top-five sector still inside the leading quadrant on the weekly RRG. It continues to gain relative strength, moving higher on the JdK RS-Ratio axis, while slightly losing relative momentum. All in all, this tail is still in good shape.

Utilities, Communication Services, and Consumer Staples are all currently in the weakening quadrant. Utilities and Staples show negative headings but maintain high RS-Ratio readings, giving them room to potentially curl back up. Communication Services is losing ground on the RS-Ratio scale but starting to pick up relative momentum.

Daily RRG: A Different Picture

Switching our focus to the daily RRG reveals a somewhat different story:

  • Industrials has moved into the lagging quadrant, losing ground on the RS-Ratio scale
  • Utilities and Staples are rolling back into the lagging quadrant with negative headings — not a great sign
  • Communication Services remains close to the benchmark
  • Technology shows the strongest tail, nearly completing a leading-weakening-leading rotation

This daily view underscores the strength we’re seeing in the Technology sector on the weekly timeframe.

Industrials: Facing Resistance

XLI dropped back below its previous high after a strong showing the week prior. There’s significant resistance between $142.50 and $145.

In a worst-case scenario, I think XLI could even retreat to the gap area between $137.50 and $139.

The uptrend remains intact, but more buying power is needed for a convincing break to new highs.

Utilities: Range-Bound

XLU is now trading in a range between roughly $80 on the downside and $83 on the upside.

It needs to break above the former high to continue building relative strength.

The raw RS line has returned to its trading range, dragging both RRG lines lower — not the strongest outlook for this defensive sector.

Communication Services: Testing Resistance

The sector peaked almost exactly at resistance offered by its previous high around $105, then closed at the lower end of the bar.

The raw RS line is managing to stay within its rising channel, albeit horizontally.

A sustained upward price movement is crucial for maintaining relative strength here.

Consumer Staples: Struggling to Break Higher

XLP continues to face heavy overhead resistance between $82 and $83.

Its inability to break higher is starting to hurt relative strength.

The raw RS line has moved down from a recent high, dragging the RRG lines lower.

The RS-Momentum line has already crossed below 100, positioning the weekly tail inside the weakening quadrant.

Technology: The Comeback Kid

XLK, the new kid on the block (again), tested its overhead resistance level around $244, peaking slightly above it last week before closing lower.

Recent strength has pushed the raw RS line convincingly higher, taking out its previous peak from mid-December.

Both RRG lines are pointing strongly upward, with RS-Momentum already above 100 and RS-Ratio rapidly approaching 100.

Portfolio Performance

With all this sector leapfrogging, especially involving the heavyweight Technology sector, the gap between the top five sectors’ performance and SPY has widened to around 7%.

The drawdown continues, but I’m sticking with this experiment and trusting the model to come back and start beating SPY again.

Yes, a 7% lag sounds significant (and it is), but it can change rapidly in such a concentrated portfolio. One or two strong weeks could easily turn this performance around, particularly if big sectors like Technology and potentially Consumer Discretionary become part of the top five.

#StayAlert and have a great week. –Julius


FMR Resources Limited (ASX:FMR) (FMR or Company) is pleased to announce it has entered into a conditional Binding Term Sheet giving it the right to earn up to a 60% interest in a highly prospective copper-gold-molybdenite project in central Chile (Transaction). The Company will joint venture (JV) into selected tenements (the JV Tenements or Concessions) within the Llahuin Project (Llahuin or the Project) held by Southern Hemisphere Mining Ltd (SUH) which overlie the Southern Porphyry Target.

Highlights

  • Large Cu-Au-Mo porphyry target untested at depth
  • Coincidental datasets suggest substantial copper porphyry system
  • Shallow historic drilling confirms porphyry mineralisation above target
  • Drilling of targets to commence early Q4 2025
  • Oliver Kiddie joins FMR as Managing Director
  • Firm commitments received for $2.2m capital raising at $0.16 through a placement to existing and new sophisticated investors
  • Mark Creasy to join the FMR register as major shareholder

The Southern Porphyry JV gives FMR exposure to a potential Company-making discovery. Coincidental datasets captured across the Southern Porphyry target area suggest a large, untested copper porphyry system below historic exploration. With proven fertility along a ~6km corridor at Llahuin, including historic shallow copper porphyry mineralisation directly above the Southern Porphyry target, this JV delivers FMR drill-ready targets for Q4 2025. The Company looks forward to updating shareholders as we progress towards maiden drilling of these exciting targets.

In conjunction, FMR is pleased to announce the appointment of Oliver Kiddie as Managing Director. Mr Kiddie is a geologist with over 20 years’ experience across exploration, resource definition, project development, and production throughout Australia and internationally. He has extensive experience in base metal and gold exploration through senior management, executive, and directorship positions, including Dominion Mining, European Goldfields, the Creasy Group, and Legend Mining.

Oliver Kiddie said:“I am very excited to be joining the FMR team as the Company expands its exploration portfolio with the Llahuin Project in Chile. I look forward to leading the Company through the next stage of growth and working with the experienced SUH team as the compelling Southern Porphyry drill targets are tested in Q4 this year, with the clear aim of a Company-making discovery.”

Project Description

Porphyry-style Cu-Au-Mo mineralisation identified to date at the Llahuin Project is largely hosted in three main mineralised zones – the Central Porphyry Zone, Cerro do Oro and Ferrocarril, which occur along a +2.5 km N-S strike (open north and south, with a total strike length of up 6 km). These zones are coincident with a north-south trending valley, potentially reflecting weathering of more regressive units or a structure.

Llahuin was initially acquired in July 2011 by SUH through an intermediary from Antofagasta plc. Drilling completed across the project to date comprises 296 holes for 64,503m with a total of 62 holes for 11,927m completed on the JV Tenements, of which 9,156m reports to the Ferrocarril zone and are therefore not relevant to the Southern Porphyry Target. Drilling has resulted in the delineation of Mineral Resources which do not form part of the JV and do not form part of the transaction (see Figures 1 and 7).

In addition to drilling SUH has completed extensive geochemical and geophysical surveys at Llahuin, including detailed magnetics (MAG), induced polarisation (IP), and magnetotellurics (MT). These datasets have indicated a “blind” porphyry-style target at the southern end of the Llahuin Project named the Southern Porphyry Target. This target is defined by a coincident magnetic anomaly, IP resistivity anomaly, and MT resistivity anomaly. The target is modelled as a circular feature 1.5km – 2km in diameter and centred approximately 1,000m below surface (see Figures 1, 2, 3, 4, and 5).

Click here for the full ASX Release

This post appeared first on investingnews.com

At least two people died and 32 others were injured after an iron bridge over a river collapsed at a popular tourist destination in India’s western Maharashtra state, the state’s top elected official said Sunday.

At least six people were rescued and hospitalized in critical condition, Chief Minister Devendra Fadnavis wrote on social media platform X.

The incident occurred in Kundamala area in Pune district, which has witnessed heavy rains over the past few days, giving the river a steady flow, Press Trust of India reported.

It was not raining when the bridge collapsed in an area frequented by picnickers, the news agency reported.

Police said teams of the National Disaster Response Force and other search and recovery units have undertaken rescue operations, Press Trust reported.

Rescue work at the scene has been accelerated, Fadnavis said.

This post appeared first on cnn.com

Fear has been gripping Iranians as Israel vows to continue attacking the Islamic Republic over its nuclear program, with many fleeing the bigger cities, including the capital Tehran, in search of safer areas.

There was chaos as residents ran down to the ground level after smelling smoke from a nearby building that had also been targeted, the resident said. Families with young children struggled to keep them calm.

Unlike Israel, Iran’s capital Tehran doesn’t have modern bomb shelters, so the city must make use of tunnels, basements or older shelters used in the Iran-Iraq war of the 1980s – the last time the country faced such a grave national emergency.

“In Tehran there weren’t any shelters, people went into basements,” the chairman of Tehran’s City Council, Mehdi Chamran, told reporters Sunday, adding that the metro can be used as a shelter “in extreme crisis” but that “we would need to shut the system down.”

The metro in Tehran will be open 24 hours a day starting Sunday night for people to shelter, a government spokesperson announced. Schools and mosques will also be open, she said.

Older people in the building in Saadat Abad were comparing the fear-filled atmosphere to the eight-year-long war with Iraq, which saw Iraqi armed forces invading western Iran along the countries’ joint border, the resident said.

Iranian experts have said that by attacking residential areas in Iran, Israel has “crossed the Rubicon” – or passed the point of no return – and is inviting attacks of the same kind from Tehran.

“We don’t support the Iranian regime, but we are against Israel attacking residential areas and civilians,” said an older male Tehran resident. “If Israel is against Iran’s nuclear program and military capabilities, they should target those areas and not create another situation like what is happening in Gaza.”

Israel has destroyed swathes of the Palestinian territory and displaced almost all of Gaza’s population in its war against Hamas, an Iranian ally.

One family, who didn’t want to be named, decided to leave Tehran with their two small children and their elderly parents. They are worried that the government has housed officials and military leaders within highly populated, upper middle-class neighborhoods – putting civilians at risk.

“I don’t want to leave my home, but I am not going to put my young children in this position,” the father said. “I hope that the US steps in to stop the attacks between both countries.”

In the city of Shiraz, in south-central Iran, long lines for gas have been forming around the city. Residents are also stocking up on food, water, and diapers.

Cars full of families with suitcases and water strapped to the roof have been seen around the city, with many families leaving for the countryside.

Meanwhile, nights have become very quiet in Tehran, residents said. Many shops are closed and many people have either left the city or are too scared to go to work, they said.

Israel’s operation against Iran is expected to take “weeks, not days” and is moving forward with implicit US approval, according to White House and Israeli officials. Israeli Prime Minister Benjamin Netanyahu has vowed to “strike every site and every target of the Ayatollah’s regime,” referring to the country’s Supreme Leader.

The Israeli military on Sunday also issued an “urgent” evacuation warning to Iranians living near weapons production facilities, saying being nearby would endanger their lives.

Netanyahu’s call for Iranian revolt

In a rare direct address to the people of Iran, Netanyahu on Friday urged its citizens to “stand up and let your voices be heard,” after Israel unleashed deadly strikes on its regional foe.

“The time has come for the Iranian people to unite around its flag and its historic legacy, by standing up for your freedom from an evil and oppressive regime,” Netanyahu said in a statement.

The Iranian regime remains unpopular at home, where security forces continue their brutal crackdown on dissidents. Nonetheless, the Israeli leader’s call fell on deaf ears.

Some Iranians expressed anger and asserted they would never cede to Netanyahu’s demands.

“Don’t let the fake news fool you, the reality of what is happening in Iran as an Iranian who has actually lived in Iran, who has their family in Iran, (is that) Israel is in no way helping our people. I don’t need fake news and propaganda speeches,” she added.

Iran has threatened to intensify its own retaliatory attacks if Israel continues hostilities.

Over 200 rocket launches from Iran were reported overnight into Sunday, the Israeli government said, and at least 13 people have been killed in Israel, including three children.

Unofficial tallies published by Iran’s state affiliated media said dozens in the country have been killed and injured in Israeli strikes. Iran’s authorities have yet to declare a death toll.

This post appeared first on cnn.com

Britain’s foreign intelligence service, MI6, will be led by a woman for the first time in its history, UK Prime Minister Keir Starmer has announced.

Blaise Metreweli will take up the position of Chief of the Secret Intelligence Service in the fall. She is currently head of the service’s technology and innovation teams, a position immortalized as “Q” in the James Bond movies.

It was revealed in 2017 that “Q” was a woman – but Metreweli was not named at the time.

Metreweli, a graduate of Oxford University, has previously held senior positions in both the domestic and foreign intelligence services.

Starmer described the appointment as “historic.”

“I know Blaise will continue to provide the excellent leadership needed to defend our county and keep our people safe,” he said in a statement.

Metreweli said she was “proud and honored” to be appointed to the role.

This post appeared first on cnn.com

A 5.6 magnitude earthquake that struck off Peru’s central coast Sunday, rattling Lima and the port city of Callao, has left one person dead and five injured, authorities said.

The earthquake happened at 11:35 a.m. local time in the Pacific Ocean, according to the United States Geological Survey. Its epicenter was located 23 kilometers (14 miles) southwest of Callao, west of the capital Lima.

A 36-year-old man died in northern Lima while “standing outside his vehicle waiting for a passenger” when a wall from the fourth floor of a building under construction detached and fell on his head, Police Col. Ramiro Clauco told RPP radio.

The five people injured are being treated in hospitals, the Emergency Operations Center said. The agency also reported damage to roads and educational centers.

President Dina Boluarte is heading to Callao to monitor developments, the Peruvian presidency said on X.

Footage shared by local media also showed cars hit by falling debris, damaged houses and collapsed billboards.

All of Lima’s districts felt the earthquake, Hernando Tavera, executive president of the Geophysical Institute of Peru, told local TV channel N.

Local radio stations reported that a professional football match at Lima’s Alberto Gallardo Stadium was paused for several minutes.

A mass at Lima’s cathedral was also interrupted, after frightened worshippers fled the scene.

Peru is located along the Ring of Fire, a path along the Pacific Ocean characterized by frequent earthquakes and active volcanoes.

This post appeared first on cnn.com

As an unprecedented Israeli attack on Iran last week sparks a spiraling conflict between the two enemy states, China has seen an opportunity to cast itself as potential peace broker – and an alternative voice to the United States.

Chinese Foreign Minister Wang Yi took up this mission over the weekend, speaking with both his Iranian and Israeli counterparts in separate phone calls, where Wang decried the attack that sparked latest conflict and telegraphed China’s offer to “play a constructive role” in its resolution.

“China explicitly condemns Israel’s violation of Iran’s sovereignty, security and territorial integrity … (and) supports Iran in safeguarding its national sovereignty, defending its legitimate rights and interests,” Wang said in a call Saturday with Iranian Foreign Minister Seyed Abbas Araghchi, according to Beijing’s official readout.

China’s self-described “explicit” opposition to Israel’s attack stands in sharp contrast to the country’s response to Russia’s invasion of Ukraine – which Beijing refused to condemn as it ramped up its close ties with Moscow.

It also underscores the hardening of geopolitical lines that have placed China in opposition to the US across a host of global issues.

Israel launched its aerial attack targeting Iran’s nuclear, missile and military complex early Friday in what Israeli Prime Minister Benjamin Netanyahu said was an operation to “roll back” the Iranian threat to his country’s survival.

Multiple waves of deadly assaults launched by both sides in the days since have seen mounting casualties and raised the risk of a broader regional conflagration that could involve the United States, which has so far only assisted in Israel’s defense against an onslaught on Iranian missiles and drones.

In Beijing’s eyes, all this gives ample reason to be outspoken on a conflict playing out in a part of the world where it has steadily worked to increase its own economic and diplomatic sway, but where experts say its heft as a powerbroker remains limited.

‘Play a constructive role’

For one, as the Trump administration’s “America First” policy has shaken up the US’ traditional position on the international stage, Beijing sees an opportunity to further expand its clout. That’s especially true in the context of countries across the Global South, where Israel has received stark condemnation over its ongoing assault on Gaza.

Beijing is also a key diplomatic and economic backer of Iran and has moved to further deepen collaboration in recent years, including holding joint naval drills, even as it’s sought to balance those ties with its growing relations with countries like Saudi Arabia. Chinese officials long voiced opposition to US sanctions on Iran and criticized the US withdrawal from the 2015 Iran nuclear deal, while accusing Washington of being a source of instability and tensions in the region.

Wang took veiled aim at the US in his call with his Iranian counterpart Saturday, according to the Chinese readout of the call, saying that “China also urges the countries that have influence over Israel to make concrete efforts to restore peace.”

“China is ready to maintain communication with Iran and other relevant parties to continue playing a constructive role in de-escalating the situation,” he added.

Speaking to Israeli Foreign Minsiter Gideon Sa’ar on Saturday, Wang said China “urged both Israel and Iran to resolve differences through dialogue” and added “that China is willing to play a constructive role in supporting these efforts,” a Chinese readout said.

Beijing is unlikely to see benefits from the deepening of tensions in the region, which it relies on for energy and where it has looked to show itself as an emerging powerbroker. For example, it took on a surprise role in facilitating a diplomatic rapprochement between archrivals Saudi Arabia and Iran in 2023.

It’s unclear what role Beijing could play in the resolution of the current conflict, including how much leverage Beijing has over Tehran, even as lawmakers in Washington have warned of a deepening “axis” between China, Iran, Russia and North Korea.

But when it comes to managing the direction of this escalation of an entrenched regional conflict, chances are that players both within the Middle East and the US – which plays a key role in regional security – will ultimately drive that effort.

Trump on Sunday posted on social media that Iran and Israel “will make a deal,” adding that “many calls and meetings” were “now taking place,” without providing details.

But the US president had also suggested another potential leader could have a role to play brokering peace: Vladimir Putin, with whom Trump said he discussed the escalating situation on Saturday.

In an interview with ABC News, Trump said he was open to the Russian leader, whose forces invaded Ukraine and who has resisted a US-brokered ceasefire in that conflict, serving as a mediator – another sign of the warming ties between Washington and Moscow, which maintains close relations with Tehran and has condemned Israel’s attack.

“I would be open to it,” Trump said. Putin “is ready.”

This post appeared first on cnn.com