Nifty Daily View 16 June

Nifty Daily View
On Monday, the market was trading with caution due to steep weakness in US stock futures. Nifty remained in a tight range and today it would result in a breakout or short-covering formation. The resistance exists at 10070 and 10150. The strategy should be to buy on dips between 9970/9950 with a final stop loss at 9800.
The Bank Nifty is on the verge of forming a golden cross with the help of 20 days and 50 days SMA. For the next few days, we need to keep a close watch on the discussed formation. It invites positive news flow for the sector. Buy Bank Nifty between 20150-20050 with a final stop loss at 19900.
Buying should emerge in large cap and index giants, IT stocks remained under pressure due to growing worries about weakness in dollar index.