Category: Daily Report

Optimism continues in Us Market as Apple and Tesla hit an all-time high. Nasdaq closed near all-time high but DowJones was hit by profit booking.

Technical Setup for Nifty50

Yesterday, Nifty50 was trading between a range of 100 points which was 10040 to 10150. At the end of the closing of the session i.e. in the last 1 hr, we saw a good short covering of 100 points in Nifty50.
Nifty50 has good resistance at 10160-10180 & 10260
& good support near 10040 & 10000.

Range for Weekly Expiry

Nifty50 is likely to expire between 10000-10250. Any movement beyond this range can lead to additional movement of 100 points.

Technical Setup for BankNifty

Bank Nifty saw huge buying in the last 1 hour and in fact it shoot up 500 points before the closing session.
IndusInd bank gave a strong closing above 500 and Bandhan bank was also leading the counter and closed above 268.
Additionally, there was good buying seen in PSU Banking space like PNB and SBI & BankOfBaroda
BankNifty also gave a range breakout and a further 250 point move can be easily seen.
BankNifty has resistance at 21550, 21800, 21980.
Support for BankNifty exists at 21000, 20800.

FIIs Position

Yesterday FIIs have increased their long position in Index but they sold around 900cr in cash market.
They were net seller after continuous buying of 6 days.

Market Indices saw a steep fall yesterday due to weak global cues. Around afternoon Nasdaq & Dow futures saw around steep 1.5% decline from their highs which triggered a correction in Indian Markets.
We also saw put unwinding at 10,000 levels in Nifty 50 but 10000 remains a good psychological support.

Technical View On Nifty 50

Nifty has a strong resistance around 10330 and support at 10100 which was broken yesterday.
Support 10000-9050
Resistance 10160-10200
The current view on Nifty is sell on rise until 10330 is broken.

Nifty Open Interest

Nifty Call has the highest open interest at 10500, followed by 10300 & 10200.
Nifty Put has the highest open interest at 9800, followed by 10000 & 9900.

FIIs Position

Yesterday FIIs have created additional long position on Nifty, therefore, don’t expect heavy fall in indices. Traders can look for sell on rise opportunity.

Expiry range

Nifty should expire should be between 9800-10300.
Safe traders can play a range of 9700-10400.

Results Today

MGL, SRTransfin, CenturyTex are going to publish results today.

Important FnO Results this Week

1. PVR: 8th June
2. Titan: 8th June
3. Hero Moto: 9th June
4. Century Textile: 10th June
5. MGL: 10th June
6. Shriram Transport: 10th June
7. Eicher Motors: 12th June

Optimism continues as US Markets rallies on Monday session.
Nasdaq rallied 1.17%
Dow rallied 1.70%.

Dow Jones is just 6.5 % down from its lifetime high whereas Nasdaq is already trading at the lifetime high.

Results Update

PVR Posted results on Monday and results were bad compared to the poll conducted by CNBC

Nifty Technical Analysis

On Monday, Nifty opened with a huge gap up around 10326 but failed to sustain the gains.
10330 is the key resistance to watch out for the coming days. Thereafter 10500 will the next resistance.
On the support side. 10100 & 10000 will be the key support for the Nifty50.

Range for Nifty Weekly expiry

Nifty weekly expiry should be between 9900-10300 and as global cues are positive chances of expiry on higher-end are high.

FIIs Position

Yesterday, FIIs have reduced their long position on Index, and in fact they and covered all long on index which they created since 29 May 20.
There are no major news as per Indian markets are concerned but fear due significant jump in corona case can rise in coming weeks.

Covid19 Cases

As India goes through unlock 1, social distancing is becoming a thing of past. This disease shows symptoms only after 15 days therefore next 15 days should be watched carefully.

In this post we will be analyzing range of Nifty 50 & Bank Nifty using our technical setup.

Nifty Daily Analysis

NIFTY 50 is showing no sign of weakness and in fact, it closed at day high on the last trading session (Friday). If the same momentum will continue we can easily see 10330 levels.
Update on Monday opening: Opening was strong at 10300 but we have resistance at 10330 as suggested earlier.
Sideways movement till 2pm is likely and then we can start a trend on upside (more probable) but should stay cautious with long positions.

Nifty 15M Analysis

Nifty was having immediate resistance near 10150-10180, due to the gap which was unfilled. Most probably this gap is likely to get filled and we can see 10300-10330.

Jun series has started the trading sessions with a decrease in Volatility and an increase in buying by FIIs.
If the same trend will continue we can easily see 10500 levels by this expiry.

Bank Nifty 1Hr Analysis

Bank Nifty has a upside resistance at 22K, above 22k, 23K is possible.
We have already seen good rally of 20% in BankNify. Therefore it is better to avoid shorts and look for buying opportunity on dips.

FIIs have reduced their long position on Index but they still hold a good long position in stocks. Therefore, avoid shorts as the market is bullish. Booking profits at a good rise is advisable.