Indian stock market has remained range-bound. Yesterday we saw a choppy move on Dalal Street. Nifty closed with a Dragonfly candle pattern for the second consecutive day. Technically this is a reversal sign still we need a strong close to be decisive.
Indian Equity market ended the session with losses but recovered from the lower levels in the last closing hour. The BSE Sensex ended 0.6% lower to close at 34,961 while the NSE Nifty 50 index ended 0.68% lower to close at 10,312 – nearly 100 points recovery from the day’s low of 10,223. Market breadth ended in favor of the sellers. Around 1135 shares have advanced, 1597 shares declined, and 136 shares are unchanged.
Except for FMCG, major indices ended in the red. The Nifty FMCG index outperformed in the previous session, ending with gains of 0.8% while the Nifty Realty index ended lower for the fourth straight day and was the top sectoral laggard, down 3.55%. The PSU Bank index was the other sector ending with losses of over 3%. The Nifty Media and Metal indices fell over 2.5% each while Nifty I.T. and Nifty Auto fell between 1.3-1.5% on the Monday trading session.
Technical View on Nifty & Bank Nifty
Nifty has been trading in a limited range as per expectation. Yesterday we have seen a choppy which ended with another Dragon Fly. Straight second consecutive day benchmark indices ended with Dragonfly. Technically it’s a reversal sign still we need a strong close to be decisive
Technically, now 10360 is a major hurdle, and 10200 is major support. If the Index breaks either direction, it’s likely to move for another 100-150 in the respective direction.
Trend:- Nifty unable to hold above 10500 and witnessed a profit booking from higher levels. Now 10550 levels are a trend settle level. We are expecting a range-bound session between 10050 to 10550 levels.
Nifty According to Open Interest Data, the Maximum Call open interest stands at 10500 and Put at 10000 suggests a broad trading range for the index.
Valuation wise maximum Call & Put stand at 10200 indicates crucial levels for index. PCR stands at 10200 validate it as an immediate support level.
Nifty future strategy for the day
Support lays down at 10150, while upside resistance comes at 10280
Above 10280, the price may test 10360, else may test 10200-10150 on the downside.
On the other hand, Financial benchmark Bank Nifty followed the benchmark indices and ended with approx 1% loss.
Trend: If the index closes below 20800 then it may extend further for 20000-19500 in the upcoming trading session.
Nifty Bank Future strategy for the day
Support at 20800 and Resistance at 21600
Buy above 21200, for the target of 21500-21600 Or Sell below 20800 for the target of 20500-20400
Top stocks recommendations for today (30th June 2020)
GILLETTE ( Cash)
Buy GILLETTE above 5015. Hurdle around 5015, break above 5015 will see non stop rally till 5240 and then to 5350 levels in days to come.
Support and stop loss below 4800.
Stock is on a verge of reversal on the chart. Catch it around 1085.
Traders can buy this counter around 1085 with a stop loss below 1070 on a closing basis for an upside target of 1120 +++ levels in days to come.
TVS MOTORS (Future)
Grab it around 370 as the stock looks bullish on the chart.
Traders can buy around 370 with a stop loss below 360 on a closing basis for an upside rally of 385 +++ levels in the coming days.
Traders can trade safely with Nifty and Bank Nifty levels given levels only. More will update during market hours.