June 05,2020 Trade Plan-Protect profit; Nifty outlook weak for the short-term.

The expiry of weekly options ensured that the session remains a controlled one, and this saved the market from any major correction move on Thursday. The market was already showing signs of exhaustion in the previous session.

Volatility declined further as volatility index India VIX declined marginally by 1.17% to 29.6900. The market continued to show signs of exhaustion and diminishing momentum.

In Friday’s session, the 10,065 and 10,120 levels are likely to act as immediate resistance points for Nifty, while supports will come in lower at 9,950 and 9,860 levels. Any move on the downside will make the trading range wider than usual.

Overall, Nifty is likely to continue exhibiting signs of exhaustion at current levels. We recommend using technical pullbacks, if any, to protect profits at higher levels. To make any fresh purchases, one must remain highly selective and stock specific. Profits should be vigilantly protected at higher levels.

Nifty Bank (20390) Looks like a good place to stall if it has too, other wise 22418 too is possible…crucial support is at 20542’ the Nifty unfolded weak as expected and closed in the red…technically resistance exists around 20542 and downside to 19895-19536 is a possibility…
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