June 22, 2020, Trade Plan: Nifty50 structure looks strong.

On Monday, Nifty’s opening trend and the trajectory it forms in the first hour will influence the trend through the session. Remember, the US markets closed in the negative on Friday, and that might induce some weakness in Asian markets on Monday. There is a possibility that Nifty might open in the negative just near or above the crucial 100-DMA. It would be important to see the price action after that.

Nifty (10092) Technically now the crucial levels to watch is 9747-10029’ the Nifty climbed up to close on the red…technically now 10230 becomes the logical target as long as 10000 holds…

Volatility continued to cool off on Friday and volatility index INDIA VIX declined 4.74 percent to 29.9650. The 10,250 and 10,335 levels are likely to offer resistance to Nifty on Monday while supports will come in lower at 10,175 and 10,100 levels.

However, the unabated rise of the market has made chasing the momentum riskier than before. In the current technical setup, the best way to approach the market would be to keep strict trailing stop losses or stay away from aggressive long positions. We recommend not getting complacent at the current level and approaching the market with a lot of vigilance and caution.

Nifty Bank (20956) Technically now the crucial range is 20667-19466’ the Nifty Bank unfolded strong and has closed in the green…technically now 21139-21320 as long as 20400 holds…

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