Nifty Daily View 17 June

Nifty Daily View On Tuesday, Nifty pared gains after clashes between the nation’s soldier and Chinese troops in a border area. Today, the level of 9700 will be a crucial level and on the dismissal of the same, Nifty would quickly fall to the levels of 9550/9500. Based on a daily chart, Nifty should go up by keeping the level of 9700 intact. The level of 9700 should act as trend decider level. Buy put options if Nifty breaks the level of 9700.The Bank Nifty has formed a double bottom at 19500, positive convergence between the 20 and 50 days simple moving averages and bullish reversal candlestick formation on a daily chart. Based on given observations we feel bank nifty should do well in the near to medium term. The strategy should be to buy out of money call option on Bank Nifty (MONTHLY SERIES) if it corrects to 19900 levels (CMP: 20296) with a final stop loss at 19500.