June 2020

The Nifty reversed sharply from the expected level of 10550, which was 61.80 retracement resistance level for the market as well as it was a crucial earlier support level for Nifty in the year 2019. Below the level of 10300, Nifty would try to find support at 10180 or at 10150. A close below the level of 10150 would be negative. On the higher side, 10300 and 10350 would be major hurdles. For bank Nifty, 21100 and 21000 would be major supports. The resistance exists at 21600 and 21800. The strategy should be to take a contra bet of buying call options on Nifty between 10180 and 10150 and for Bank Nifty buy call options between 21100 and 21000. Keep a final stop loss at 10100 and 20900 respectively.

By Admin, ago