You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 19 June 2017: -
On 16 June 2017: FII Net Sold – 764.48 INR Crs: DII Net Bought – INR – 890.91 Crs
We are on very crucial junction on price wise and time wise. We are in
the month of June and just seven more trading sessions has left. Market is
moving in narrow range and so far, I hardly see any possibility of great moves.
Why is this so?
Do not break your head and no one can do anything about it. It is
safer to be with market and market message is no clear so far. I still take
cues from crucial technical which is giving a possibility of price correction.
I should rather say that it is on critical side. If RSI breaks the
support of 50% marks then bears will see some activity. From 9000 to 9700 was a
good run and if some correction comes then it should be welcome. It is not
going to change the direction but it may be the time of “meantime price
correction” to the limited extent.
For today’s session, I am expecting market to open on positive side as
indicated by SGX Nifty. I am not on any big take. Technical support is at 9570,
break of which can give price correction. On higher side 9700 will be the zone
of resistance. It deserves an attempt for short on higher end with disciplined stop
loss which should just above 9715 levels. It’s just a possibility not a
concrete signal for trade.
I can say that first sign came from sectoral performance. Under
performance goes critical and hence I believe that some money may be pulled
from bluechip index too. Before you think that I am bearish then let me update
– I am firm on my target of 10000 on Nifty. This will just be the meantime
price correction which is a usual and healthy phenomenon.
Strategy for Nifty June future
– I am expecting traded to go around 9650 levels. This move can extend more on
global firm cues. Well, it has not great sign to trade so far but this time I am
going to take a test for fall from higher levels. My favourite spot for
shorting can be 9680 with stop loss above 9715. Hardly 35-40 points. This is
just a plan so far and execution may differ.
BANK NIFTY June future – This
is still impressive and stopping me to do any big adventure on shorting side. Hence,
I said that shorting is just a plan and execution depends on real time signal. Somehow
I cannot say that bank Nifty is weak as of now. So if market does not fall then
Bank Nifty may impress bulls. It is not reacting much at 23500 levels. It has
good technical support at 23200. Will it respect this support? This support is
1% away from current levels. Well, do not touch this index unnecessarily.
