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July 01, 2020, Trade Plan: Protect profit on every rise, Nifty likely to see a small pullback.

We expect the market to continue trading in a defined range before it takes a strong directional call. Nifty is likely to consolidate in a defined range with the 10,400-10,450 posing stiff overhead resistance. Volatility remained negligible; with volatility index, INDIA VIX rising by a marginal 0.72 percent to 29.1175. Unless the 10,450-10,450 zone is taken out, Nifty will continue to face selling pressure at higher levels and this will keep Niftily vulnerable near that zone.

The index is likely to see a stable start on Wednesday and the 10,350 and 10,415 levels are likely to act as immediate resistance, while supports will come in at 10,265 and 10,190 levels.

There is a possibility of a small pullback within a range on Wednesday. In case of such an up-move, it would be extremely important to guard profits at higher levels. Nifty has a relatively weak technical setup. No up-move will sustain at higher levels unless Nifty moves past the 10,500 mark convincingly. Until this happens, the market, in general, will remain vulnerable at higher levels. We strongly reiterate and recommend protecting profits vigilantly while keeping overall exposure modest. Avoid excessive exposure on either side.


Nifty Bank (21370) Now the range is 20800-20654’ the Nifty unfolded within the range and has closed flat for the day…technically parameters remain the same…
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