You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 01 June 2017: -
On 30 May 2017: FII Net Bought – 1048.53 INR Crs: DII Net Sold – INR – 939.54 Crs
I have already hinted earlier also that choppy trading sessions are
very much possible. Today may be another such day. I cannot name these choppy
session as sign of any kind of profit taking. This is just not hinting that
money flow can end. We saw many instance earlier also where market goes in this
way.
I can quote two important supports, one is at 9440 and then at 9370
levels. I do not think that it can break 9370 so easily.
For today’s session, I am expecting market to open on flat to positive
note. We may expect resistance at 9650 and that’s also because it was yesterday’s
high point. Cross above 9650 will indicate a run towards 9700 levels. I will
prefer to buy in dip for intraday session. We may be close to a violent session
ahead which can open big range for June month.
Intraday technical support will be at 9570 and 9530. If it can sustain
above 9650, then we can see some better buy from fresh money. Remember, we saw
better performance by Bank Nifty yesterday. Do not look economy data much
seriously. Those used to come but market has already discounted those.
Sectoral performance may go on flip flop mode time to time but overall
buyers are still interested in market price. Pricing looks expensive but it is
still attracting buyers. Can we expect reversal? Well, if this happens then it
will be least expected. So far, nothing is suggesting for reversal but caution
call is always alive.
Caution note is clear – first one has to watch for weakness on small
cap and mid cap indices. Before top, there may be the days where mid cap and
small cap indices will be negative and blue-chip index will maintain flat to
positive note. I will look on small cap and mid cap index to compare relative
under performance.
Strategy for Nifty June future
– Well, so far, all intraday dips were bought by money and so we can say that
money were right. Following the same trend I can quote that 9590-9580 may be a
good intraday support to trade on long side. Will it hit 9700-9720 levels? Ideally,
it should take a hint and even cross over is possible. A violent session is
waiting and I can just hope that it must favour bulls. This is my anticipation.
BANK NIFTY June future – Why
I am saying to buy this index even on flat days. This can give better return in
strength which used to come in extreme of one sided move. Technical support is at
23100-23000. I am still eager to see how it is going to react at 23500 levels. Let
us see. I am anticipating a violent up day which should be very close. Just hope
violent moves will not favour bears.
