June 28, 2020, Trade Plan-May halt the recent trend, Nifty seems to be in a dicey state.

The market is currently in a dicey situation. Global markets saw weakness in Friday’s session. This might result in a negative opening for the Indian market on Monday. Having said this, Nifty’s rise on Friday came with a very decent increase in net open interest (OI) in Nifty futures, which added over 9.96 lakh shares, or 9.37 percent in OI. This showed a fresh long buildup in the index. Volatility continued to cool off as volatility index INDIA VIX came off 3.34 percent to 28.7350.

Monday’s session is likely to see a soft start. The 10,390 and 10,460 levels will act as overhead resistance, while supports will come in at 10,285 and 10,210 levels.

There are possibilities of both the scenarios emerging. The market may see a lower opening on Monday, and then see some recovery to from a lower top. Or it may see selling pressure at higher levels. We recommend traders to not short aggressively in the event of a lower opening. In the case of any recovery from lower levels, one should refrain from making aggressive purchases as well. On a broader note, the market will most likely remain range-bound. While staying extremely stock-specific, a continued cautious outlook is recommended for the session.

Nifty Bank (21592) Expect a sluggish move and a slide to 21003…stiff resistance is at 21877’ the Nifty Bank opened with a bull gap and closed mildly in the green…technically now the range is between 21877-21003…
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