June 16, 2020, Trade Plan: Nifty likely to stay in a wide range.

NIFTY not only did the session remain wide-ranging, but it also saw a spike in volatility. Volatility Index, INDIA VIX, surged 5.69 percent to 32.5775. Some fresh shorts got added to the system on Monday and this may lend support on the downside in the event of any fresh bearish move. But this can also infuse volatility in the market. Broadly speaking, we can expect the market to trade in a broad range with increased volatility in the next trading session.

In Tuesday’s session, Nifty is likely to see the 9,855 and 9,895 levels act as key resistance points, while supports are likely to come in at 9,760 and 9,690 levels.

Having said that, we expect Nifty to remain range-bound in the coming sessions, though the upsides will remain capped. We recommend approaching the market with the utmost caution, remaining stock-specific, and avoiding aggressive bets on either side.

Nifty Bank (19913) 20936-21139-21319 is possible as long as 20011 holds’ the Nifty Bank breached 20011 and has closed in the red… technically a slide to 19456 is a possibility and stiff resistance is at 20397…
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