On 1June, Nifty fut will face resistance at 5072 level, once it manages to cross and sustain above this level, then we can expect nifty to shoot upto 5098-5110-5148 levels. Nifty has to give close above 5148 level in order to continue the upmove in markets. If it is able to do so, it will show an upside of 60-145pts in very short time. However unable to cross and sustain at higher levels beyond 5148 level, will create weakness in markets and an opportunity for bears to take charge once again in coming days. On lower side Nifty fut has support at 5030, breaching this level will make nifty to slide down till 5002-4984-4960 levels. Any break below 4960 level, and sustaining there for some time will change the sentiments in favour of bears and will make Nifty slide down till levels 4920-4842 in coming days. In intraday the range for the markets will be 5002-5110, breakout on either side will lead sharp movement.
We recommend all traders to keep watch on 5148 level on upside and 5030 level on downside for all their long/short positions. Nifty range will be 5002-5110, intraday session might be highly volatile, so trade cautiously and keep booking profits in all trades. Dont leverage long positions on higher side till nifty is unable to cross 5148 level, instead use every rise to book profits in longs. In this june expiry we may see some steep movements in markets and markets may show some clear one side direction. Traders are adviced to hedge all the positions accordingly, and dont trade blindly without judging the market movement.
We recommend all traders to keep watch on 5148 level on upside and 5030 level on downside for all their long/short positions. Nifty range will be 5002-5110, intraday session might be highly volatile, so trade cautiously and keep booking profits in all trades. Dont leverage long positions on higher side till nifty is unable to cross 5148 level, instead use every rise to book profits in longs. In this june expiry we may see some steep movements in markets and markets may show some clear one side direction. Traders are adviced to hedge all the positions accordingly, and dont trade blindly without judging the market movement.
Nifty Levels
- Resistance - 5072-5098-5110-5148
- Support - 5030-5002-4984-4960
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Intraday Calls
- Indian Hume Pipe abv 713 tgt-720-729-742+
- Bajaj Finserv abv 442 tg-447-454-465
- Karnataka bank abv 172 tgt-176-183-194
- Sudarshan Chemicals abv 521 tgt-528-540-555
- Also watch Amrutanjan, STC India, Liberty Phosphate, Great Offshore.
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For all trades, keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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