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June 29, 2025

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After six weeks of consolidation and trading in a defined range, the markets finally broke out from this formation and ended the week with gains. Over the past five sessions, the markets have largely traded with a positive undercurrent, continuing to edge higher. The trading range was wider than anticipated; the Nifty traded in an 829-point range over the past few days. Volatility took a backseat; the India Vix slumped by 9.40% to 12.39 on a weekly basis. While trending higher throughout the week, the headline index closed with a net weekly gain of 525.40 points (2.09%).

The breakout that occurred in the previous week has pushed the support level higher for the Index. Now, the most immediate support level has been dragged higher to the 25100-25150 zone, the one that the markets penetrated to move higher. So long as the Nifty keeps its head above this zone, it is likely to continue moving higher. Over the coming weeks, we are also likely to see a distinct shift in the leadership, with the sectors that were in the bottoming-out process taking the lead. This would also mean that one must now focus on taking profits in the spaces that have run up much harder over the past week. While protecting gains, it would be wise to shift focus to the sectors that are likely to see much improved relative strength going forward from here.

The levels of 25750 and 26000 are likely to act as potential resistance levels for the coming week. The supports come in at the 25,300 and 25,000 levels. The trading range is likely to stay wider than usual.

The weekly RSI is 64.58; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line. A large white candle emerged, indicating the directional strength that the markets exhibited throughout the week.

The pattern analysis of the weekly chart shows that the Nifty initially crossed above the rising trendline pattern resistance. This trendline began from the low of 21150 and joined the subsequent rising bottoms. However, the Nifty consolidated above the breakout point for six weeks before finally resuming its move higher. The Index has pushed its resistance levels higher; as long as the Index stays above the 25000 level, this breakout will remain valid.

It is also important to note that the Nifty’s Relative Strength (RS) line is attempting to reverse its trajectory. This may lead to the frontline index improving its relative performance against the broader markets. Along with this shift in relative strength, it is also strongly recommended that one consider protecting gains in sectors that have risen significantly over the past several weeks. The leadership over the coming weeks is likely to change, making rotating sectors even more important than before. While protecting gains, new purchases must be initiated in sectors that are showing improvement in momentum and relative strength. While some consolidation cannot be ruled out, a positive outlook is suggested for the coming week.


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 only two sector Indices, Nifty Midcap 100 and the Nifty PSU Bank Index, are inside the leading quadrant. While the Midcap Index continues to rotate strongly, the PSU Bank Index is seen giving up on its relative momentum. These two groups are likely to outperform the broader markets relatively.

The Nifty PSE Index has rolled inside the weakening quadrant. This may result in the sector slowing down on its relative performance. The Nifty Commodities, Financial Services, Infrastructure, Banknifty, and the Services Sector Index are also inside the weakening quadrant.

The Nifty Consumption Index has rolled into the lagging quadrant. The FMCG Index and the Pharma Index also continue to languish inside this quadrant. The Nifty Metal Index is also located within the lagging quadrant; however, it is sharply improving its relative momentum compared to the broader markets.

The Nifty Realty, Media, IT, Auto, and Energy Indices are located within the leading quadrant. These groups are likely to assume leadership over the coming weeks as they continue to improve their relative momentum and strength compared to the broader Nifty 500 Index.


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

It was a week of downward momentum for the gold price.

The yellow metal neared the US$3,400 per ounce level on Monday (June 23) as investors reacted to the weekend’s escalation in tensions in the Middle East, but sank to just above US$3,300 the next day.

The decline came as US President Donald Trump announced that Israel and Iran had agreed to a ceasefire. While the ceasefire has not gone entirely smoothly, with Trump expressing displeasure about violations, the news appeared to calm investors.

Gold’s safe-haven appeal took another hit toward the end of the week, when Trump said late on Thursday (June 26) that the US had signed a trade deal with China. Although details remain scarce — China’s commerce ministry confirmed the arrangement, but said little else — the gold price dropped on the news, closing Friday (June 27) at about US$3,274.

It was a different story for other precious metals this week.

Silver enjoyed an uptick, rising as high as US$36.79 per ounce before pulling back to the US$36 level. Whether it can continue breaking higher remains to be seen, but many experts are optimistic.

In fact, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said that right now he’s perhaps more excited about silver than he is about gold. Here’s how he explained it:

There’s not a lot of new production coming on stream, just because most silver comes as a by-product from lead, zinc and copper mines — more than half of silver. And we’re just not seeing the investment into the base metals space that we need to sustain that production and grow that production.

As excited as I am about gold, I think silver’s got a few more fundamentals behind it that make it a pretty exciting time to be watching silver … silver’s got some catching up to do with respect to what gold’s done over the last few years.’

Watch the full interview with Smallwood for more on silver, as well as gold and platinum.

Speaking of platinum, it was also on the move this week, rising above US$1,400 per ounce.

The move has turned heads — despite a persistent supply deficit, platinum has spent years trading in a fairly tight range, and it hasn’t crossed US$1,400 since 2014.

Recent trends supporting platinum’s move include a shift toward platinum jewelry due to the high cost of gold, as well as larger platinum imports to the US earlier this year when tariff uncertainty was heating up. At the same time, miners have faced challenges.

‘This has led to tight forward market conditions,’ said Jonathan Butler of Mitsubishi (TSE:8058), ‘with a deep backwardation across the curve.’ In his view, these conditions will continue providing support for the precious metal in the coming weeks.

Bullet briefing — Gold repatriation, Rule Symposium

Germany, Italy to repatriate gold?

Germany and Italy are facing calls to bring home gold stored in the US.

According to the Financial Times, politicians and economists in the two countries are pushing for repatriation as a result of global geopolitical uncertainty, as well as concerns about Trump’s potential influence on the Federal Reserve as he continues to criticize Chair Jerome Powell.

‘We are very concerned about Trump tampering with the Federal Reserve Bank’s independence. Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time’ — Michael Jäger, Taxpayers Association of Europe

The news outlet calculates that German and Italian gold held in the US has a total value of about US$245 billion. Market participants agree that it would be a blow to relations with America if the countries were to bring their gold home at this time.

At least for now they seem unlikely to do so — although Italy’s central bank hasn’t commented, Germany’s Bundesbank said it sees the New York Fed as ‘trustworthy and reliable.’

Send your questions for the Rule Symposium

The Rule Symposium runs in Boca Raton, Florida, from July 7 to 11, and I’ll be heading there to interview Rick Rule, as well as Adrian Day, Lobo Tiggre, Andy Schectman, Dr. Nomi Prins and more.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

The Israeli military detained six settlers in the occupied West Bank overnight after the Israel Defense Forces (IDF) say the suspects attacked security forces.

The IDF says they spotted Israeli civilians driving toward a closed military zone near the Palestinian village of Kafr Malik, where days earlier settlers set fire to homes and vehicles in an attack Palestinian officials say killed three people.

When Israeli forces approached the group, the IDF says the soldiers were physically assaulted and verbally abused. In addition, the suspects vandalized and damaged the security forces’ vehicles and attempted to ram the forces.

Six suspects were apprehended and transferred to police, the IDF said.

“The IDF and Israel Police condemn any act of violence against security forces and will act firmly against any attempt to harm security personnel carrying out their duty to protect Israeli citizens,” the IDF said in a statement.

Israeli politicians condemned the settler attacks against Israeli security forces.

Head of the opposition Yair Lapid said in a statement on social media, “The extremists who attack IDF soldiers who are guarding the security of the State of Israel during these difficult days are dangerous criminals who are aiding our enemies.”

Yair Golan, the head of the left-wing Democrats party, who had called earlier settler attacks in the area a “violent Jewish pogrom,” said the violence from “the Kahanist, nationalist, and fantastic Israel is deliberately working to dismantle the Jewish and democratic Israel.” Golan referenced Meir Kahane, an extremist rabbi whose political party was banned outright in Israel under anti-terror laws.

“This is not a marginal occurrence. This is a dangerous current that has taken deep roots. Even around the government table,” Golan said, a reference to the far-right ministers that prop up the coalition government, including Itamar Ben-Gvir and Bezalel Smotrich, both of whom were sanctioned earlier this month by the UK, Canada, and other Western allies. Smotrich has called for formal annexation of West Bank settlements, while Ben-Gvir’s party consists of followers of Kahane’s banned political party.

In a statement, Defense Minister Israel Katz called on law enforcement authorities to act immediately to locate all those who resorted to violence and bring them to justice “as is done everywhere.”

On Friday, Nabil Abu Rudeineh, spokesman for the Palestinian Authority presidency, said the settler attacks are part of a plan by Israel’s “extremist right-wing government” to drag the West Bank into a larger confrontation, according to the Palestinian news agency WAFA. Abu Rudeineh held Israel fully responsible for “the consequences of this bloody aggression,” WAFA said.

Israel has been ramping up military operations in the West Bank alongside the offensive in Gaza and attacks on Iran and its proxies, displacing thousands of Palestinians and razing entire communities as it targets what it says are militants operating in the territory.

Earlier this week, Israeli forces shot dead a Palestinian teenager in the West Bank, Palestinian health authorities said. The Israeli military said that “terrorists hurled explosive devices at IDF forces.”

In late-May, Israel approved a massive expansion of settlements in the occupied West Bank in a move decried as de facto annexation of large swaths of the territory. Peace Now, an Israeli non-governmental organization that tracks settlements, said it was the largest expansion of settlements since the signing of the Oslo Accords more than 30 years ago.

Israel plans to establish 22 new settlements, including deep within the West Bank and in areas from which the country had previously withdrawn. Israeli settlements in the occupied West Bank, as well as in East Jerusalem and the occupied Golan Heights, are considered illegal under international law.

This post appeared first on cnn.com

Beneath a blaze of rainbow flags and amid roars of defiance, big crowds gathered in the Hungarian capital Budapest for the city’s 30th annual Pride march – an event that, this year, is unfolding as both a celebration and a protest.

Moving through the capital in the sweltering heat, demonstrators carried signs reading “Solidarity with Budapest Pride” and waved placards bearing crossed-out illustrations of Prime Minister Viktor Orbán.

Music played from portable speakers as people of all ages joined the march – families with pushchairs, teenagers draped in capes, and older residents walking alongside activists.

From the city’s historic centre to its riverside roads, the procession swelled in numbers and noise – visibly reclaiming public space in defiance of a law designed to push them out.

The march proceeded in open defiance of a police ban imposed earlier this year under sweeping new legislation that prohibits LGBTQ+ events nationwide.

Eszter Rein Bodi was one of those who joined the massive crowds in Budapest on Saturday, telling Reuters: “This is about much more, not just about homosexuality … This is the last moment to stand up for our rights.”

Krisztina Aranyi, another marcher, told the news agency that “the right to assembly is a basic human right, and I don’t think it should be banned.”

She added, “Just because someone does not like the reason why you go to the street, or they do not agree with it, you still have the right to do so.”

Huge crowds turned out in the city for the parade, with many holding homemade banners aloft. One sign read “Transgender people are a blessing on this earth” while another banner read “Proud. United. Equal in every corner of the EU.”

“Pride is a protest, and if Orbán can ban Budapest Pride without consequences, every pride is one election away from being banned,” she continued.

In March, Hungarian lawmakers passed legislation barring Pride events and permitting the use of facial recognition technology to identify participants – measures campaigners say is illegal and part of a wider crackdown on the LGBTQ+ community.

Orban welcomed the ban, which he said would outlaw gatherings that “violate child protection laws.” His government has pushed a strongly Christian and conservative agenda.

The ban sparked lively protests in Budapest in March, with organizers of the city’s Pride vowing to continue with the annual festival despite the new law and declaring: “We will fight this new fascist ban.”

A petition demanding police reject the ban has gathered over 120,000 signatures from supporters in 73 countries, urging authorities to “reject this unjust law” – believed to be the first of its kind in the EU’s recent history – and ensure that the march proceeded “unhindered and peacefully, free from discrimination, harassment, fear or violence.”

This post appeared first on cnn.com

After Jeff Bezos and Lauren Sanchez tied the knot in Venice on Friday, a few hundred protesters gathered Saturday at a city train station for a march, united with one message for the Amazon billionaire and his bride: go away.

“Bezos, f**k off,” they chanted in Italian. “Out of our lagoon!”

One bearded man toted a Shrek-themed placard with the same message: “Get Out of Our Lagoon,” the “a” in lagoon sprouting Shrek ears, with a Spotify link below for the theme song from the first movie in the series, Smash Mouth’s “All Star.”

“Bezos goes hand-in-hand with (US President Donald) Trump, who’s fueling more money in war,” one woman bellowed into a microphone by the station. “We are for peace.”

Sofia D’Amato, a 22-year-old Venetian, emphasized that the protests weren’t about envy for Bezos’ wealth or power.

Venice’s Ministry of Tourism says the three-day wedding, which reportedly cost $55 million, could provide a boost of almost 68% of the city’s annual tourism turnover. On top of that, Sanchez and Bezos gave 1 million euros each to three Venetian cultural institutions, according to Reuters; a total of 3 million euros worth of donations.

Their philanthropy left D’Amato unimpressed.

“They say that Jeff Bezos donated money to Venice,” D’Amato said. “It was donated after our dissent. Such a sum for a magnate is paltry.”

Protesters drew a stark contrast between the decadence of Bezos and Sanchez’s wedding the day before and the harsh realities of working at the billionaire’s company.

“We can barely pay the rent,” one woman, who identified herself as an Amazon worker, told a crowd of demonstrators. “Many of us come from far away to reach the warehouse. We make do … we don’t see these millions.”

Some protesters joined in an old leftist chant as the demonstration moved toward the Ponte delle Guglie: “The people united will never be defeated.”

At least one protester took aim at the couple’s fashion sense with a sign declaring that “Money Can’t Buy Style.”

Many held aloft Amazon boxes with various messages inscribed: “Rejected,” “No Space for Bezos.”

Multiple flags were visible among the protesters: Palestinian flags, pride flags, anti-fascist flags and Venice’s fimbriated red standard were among the popular choices. A few individuals waved a modified version, the sword-bearing golden lion at its hoist wearing a black balaclava.

Venice city officials were unamused by the protesters, denouncing them in a press release as “ridiculous” and “grotesque.”

“Contesting a wedding (any wedding) is already ridiculous in itself. But here we have exceeded all limits of common sense,” read a municipal statement released Saturday. “We have descended into the folklore of ‘No to everything.’”

This post appeared first on cnn.com

Top Qatari officials had been meeting with the country’s prime minister on Monday afternoon to find ways of de-escalating a conflict between Iran and Israel, when defense ministry personnel called to warn of incoming Iranian missiles.

The attack, the first on the Gulf, caught them by surprise, according to Qatar’s foreign ministry spokesperson Majed Al-Ansari, who recalls feeling the prime minister’s residence shake with the interceptions that quickly followed overhead.

Unease had gripped the Gulf Arab states that morning. The glitzy, oil-rich capitals feared a worst-case scenario: an Iranian missile strike shattering their image of stability after 12 days of war between Israel and Iran, which had culminated in a series of US strikes on Iranian nuclear facilities.

Bahrain, where the US Naval Command is located, told residents not to use main roads and Kuwait, which hosts several US military bases, activated shelters in ministerial complexes. In nearby Dubai and Abu Dhabi, some residents were booking early flights out and others stocking up on supplies.

In Doha, nervous residents were on high alert. US and UK citizens in the country had been told to seek shelter and American military personnel had been evacuated from the US-run Al Udeid Base.

Qatar’s early warning military radar system, one of the most advanced in the region, and intelligence gathered indicated that Iranian missile batteries had moved toward Qatar earlier that day, the spokesperson said – but nothing was certain until shortly before the strikes.

“It could’ve been misdirected to lead us away from the actual target. There was still a lot of targets in the region…but towards the end it was very clear, their missile systems were hot and we had a very clear idea an hour before the attack, Al Udeid Base was going to be targeted,” a Qatari official with knowledge of defense operations said.

Responding to the attack

Around 7 p.m. local time, Qatari officials were informed by their military that Iran’s missiles were airborne and heading towards Al Udeid base, Al-Ansari said.

Qatar’s armed forces deployed 300 service members and activated multiple Qatari Patriot anti-air missile batteries across two sites to counter the 19 Iranian missiles roaring toward the country, according to Al-Ansari. US President Donald Trump has said that 14 missiles were fired from Iran.

Seven missiles were intercepted over the Persian Gulf before reaching Qatari soil, he said. Another 11 were intercepted over Doha without causing damage and one landed in an uninhibited area of the base causing minimal damage.

According to Trump, Iran had given the US early notice ahead of the attack. While Doha received intel from Washington, it did not receive any warning directly from the Iranians, according to Al-Ansari – though officials were well aware that the US bases in the region could be targeted.

“The Iranians told us months ago … if there was an attack by the US on Iranian soil that would make bases hosting American forces in the region legitimate targets,” Al-Ansari said.

Iran’s Foreign Minister Abbas Araghchi said that warning was reiterated to his Gulf counterparts in an Istanbul meeting a day before Iranian strikes on Qatar.

Iran’s National Security Council said after the intercepted attack that its strikes had posed “no dangerous aspect to our friendly and brotherly country of Qatar and its noble people.”

Still, Al-Ansari rejects speculation that Qatar – given its working relationship with Tehran – might have given a greenlight for the strikes in order to create an off-ramp for regional escalation.

“We do not take it lightly for our country to be attacked by missiles from any side and we would never do that as part of political posturing or a game in the region,” he said.

“We would not put our people in the line of danger. I would not put my daughter under missiles coming from the sky just to come out with a political outcome. This was a complete surprise to us,” Ansari said.

A ceasefire quickly follows

In the moments after the attack, Trump called Qatar’s Emir Tamim bin Hamad Al Thani telling him the Israelis were willing to agree to a ceasefire and asked him to do the same for the Iranians, according to Al-Ansari.

“As we were discussing how to retaliate to this attack … this is when we get a call from the United States that a possible ceasefire, a possible avenue to regional security had opened,” Ansari said.

Doha’s role as mediator quickly became key in the aftermath of the strikes. Qatar’s chief negotiator Mohammed bin Abdulaziz Al-Khulaifi spoke to the Iranians while the Qatari Prime Minister Mohammed bin Abdulrahman Al Thani was speaking to US Vice President JD Vance. Soon, “we were able to secure a deal,” Al-Ansaris says – and in the nick of time.

“All options were on the table that night … we could have immediately retaliated or pulled back and say we’re not talking to a country that sent 19 missiles our way. But we also realized that was a moment that could create momentum for peace in a region that hasn’t been there for two years now,” Ansari said.

Shortly after, Trump declared on social media that a ceasefire between Iran and Israel had been brokered.

This post appeared first on cnn.com

Riot police fired tear gas at thousands of anti-government protesters in Serbia’s capital on Saturday.

The major rally in Belgrade against Serbia’s populist president, Aleksandar Vucic, was called to back a demand for an early parliamentary election.

The protest by tens of thousands was held after nearly eight months of persistent demonstrations led by Serbia’s university students that have rattled Vucic’s firm grip on power in the Balkan country.

The huge crowd chanted “We want elections!” as they filled the capital’s central Slavija Square and several blocks around it, with many unable to reach the venue.

Tensions were high before and during the gathering. Riot police deployed around government buildings and close to a camp of Vucic’s loyalists in central Belgrade. Skirmishes erupted between riot officers and groups of protesters near the camp.

“Elections are a clear way out of the social crisis caused by the deeds of the government, which is undoubtedly against the interests of their own people,” said one of the students, who didn’t give her name while giving a speech on a stage to the crowd. “Today, on June 28, 2025, we declare the current authorities illegitimate.”

At the end of the official part of the rally, students told the crowd to “take freedom into your own hands.”

University students have been a key force behind nationwide anti-corruption demonstrations that started after a renovated rail station canopy collapsed, killing 16 people on Nov. 1.

Many blamed the concrete roof crash on rampant government corruption and negligence in state infrastructure projects, leading to recurring mass protests.

“We are here today because we cannot take it any more,” Darko Kovacevic said. “This has been going on for too long. We are mired in corruption.”

Vucic and his right-wing Serbian Progressive Party have repeatedly refused the demand for an early vote and accused protesters of planning to spur violence on orders from abroad, which they didn’t specify.

Vucic’s authorities have launched a crackdown on Serbia’s striking universities and other opponents, while increasing pressure on independent media as they tried to curb the demonstrations.

While numbers have shrunk in recent weeks, the massive showing for Saturday’s anti-Vucic rally suggested that the resolve persists, despite relentless pressure and after nearly eight months of almost daily protests.

Serbian police, which is firmly controlled by Vucic’s government, said that 36,000 people were present at the start of the protest on Saturday.

Saturday marks St. Vitus Day, a religious holiday and the date when Serbs mark a 14th-century battle against Ottoman Turks in Kosovo that was the start of hundreds of years of Turkish rule, holding symbolic importance.

In their speeches, some of the speakers at the student rally on Saturday evoked the theme, which was also used to fuel Serbian nationalism in the 1990s that later led to the incitement of ethnic wars following the breakup of the former Yugoslavia.

Hours before the student-led rally, Vucic’s party bused in scores of its own supporters to Belgrade from other parts of the country, many wearing T-shirts reading: “We won’t give up Serbia.” They were joining a camp of Vucic’s loyalists in central Belgrade where they have been staying in tents since mid-March.

In a show of business as usual, Vucic handed out presidential awards in the capital to people he deemed worthy, including artists and journalists.

“People need not worry – the state will be defended and thugs brought to justice,” Vucic told reporters on Saturday.

Serbian presidential and parliamentary elections are due in 2027.

Earlier this week, police arrested several people accused of allegedly plotting to overthrow the government and banned entry into the country, without explanation, to several people from Croatia and a theater director from Montenegro.

Serbia’s railway company halted train service over an alleged bomb threat in what critics said was an apparent bid to prevent people from traveling to Belgrade for the rally.

Authorities made similar moves back in March, before what was the biggest ever anti-government protest in the Balkan country, which drew hundreds of thousands of people.

Vucic’s loyalists then set up a camp in a park outside his office, which still stands. The otherwise peaceful gathering on March 15 came to an abrupt end when part of the crowd suddenly scattered in panic, triggering allegations that authorities used a sonic weapon against peaceful protesters – an accusation officials have denied.

Vucic, a former extreme nationalist, has become increasingly authoritarian since coming to power more than a decade ago. Though he formally says he wants Serbia to join the European Union, critics say Vucic has stifled democratic freedoms as he strengthened ties with Russia and China.

This post appeared first on cnn.com