June 11, 2020 Trade Plan- Nifty to stay range bound amid weekly options expiry.

Ahead of the expiry of weekly options and US Fed’s rate review, domestic equities witnessed a controlled session and the indices ended with gains led by short covering in the last hour of trade.

With weekly options expiry coming up, the market is likely to see an orchestrated and controlled session once again on Thursday. The market will also react to the US Fed’s interest rate decision...

Volatility cooled off a bit as INDIA VIX retraced 2.54% to29.4375. On Thursday, Nifty is likely to face resistance at 10,185 and 10,230 levels, while supports will come in at 10,050 and 10,000 levels.

Despite minor up-moves, the 100-DMA level, which currently stands at 10,254, will pose resistance to the index on a closing basis in the immediate short term.

Unless Nifty manages to move past this zone on a closing basis, it will find stiff resistance near these levels. We reiterate avoiding aggressive positions given the present technical setup and continue to approach the market with a high degree of caution as the session may stay range-bound amid expiry of the weekly options.

Nifty Bank (21100) The expected range is 20927- 20110-20011’ the Nifty Bank opened flat and traded sideways to close mildly in the green…technically now 20542 is a support to work with and good as long as that holds…
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