June 26,2020 Trade Plan-Remain light on, Nifty may continue to face hurdles from here on.

F&O expiry dominated the day’s market trend. Nifty had the maximum concentration of Call open interest at 10,500 level. Apart from this, the 10,400 and 10,500 levels saw a high amount of Call writing during the session. This ensured that Nifty stays below 10,300 level at the close. With the expiry out of the way, the 10,500 level has become an immediate top for the index in the immediate short term. Any sustainable up-move shall occur only after Nifty moves past this level convincingly. Until that happens, Nifty is likely to remain range-bound. The 50-pack is likely to see a tentative start to Friday’s session. The 10,335 and 10,360 levels are likely to act as immediate resistance while supports will come in at 10,210 and 10,150 levels.

All in all, there are possibilities of intermittent up-moves, but that said, Nifty continues to display signs of weakness at higher levels. On Friday and thereafter, Nifty is likely to face resistance on every rise. Remain light on positions and keep protecting profits on either side. Usually, when the market displays signs of weakness, but a risk-on setup is at play, it tends to make the market movement more wide-ranging and volatile. A cautious view is advised for the day.

Nifty Bank (21506) Technically now Nifty Bank can slide to around 21003-20654 and stiff resistance exists at 22432’ the Nifty Bank opened in the red and traded near our support and climbed higher and closed mildly in the red…technically now a sluggish move and a slide to 21003…stiff resistance are at 21877…
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