Bank Nifty and Nifty weekly levels (15th June – 19th June 2020)
Sharp rebounding & Hanging man on a weekly scale indicate sustainable selling pressure ahead in Nifty. Below 9540 bear will furious to move downside else may consolidate between 9540-10330
On Friday Nifty 50 gave a dramatic rebound from lower levels and closed around day high.
Throughout the week market breadth has remained negative and financially disappoint most. Though Asian stocks ended in red, Indian indices closed was not as bad as expected. Initial sell-off was a reflection of Coronavirus cases and gloomy economic outlook in the US.
Now a day’s Indian indices have been following a global trend. Following Nasdaq and Dow Jones, Nifty rallied to 10300 despite a tremendous increase of coronavirus cases countrywide. So we need to focus on the global trend and a PM meeting with all states CM goes on 16-17 on lockdown.
Technical View- Nifty
Sharp rebounding from the bottom, hanging man on the weekly scale and strong bullish move on the daily scale indicates the price is likely to consolidate for upcoming sessions. Hanging man is an exhausting pattern especially formed at the end of a trend. Technically every high would be a selling opportunity and short term trader may remain neutral because it may consolidate on current levels.
Any closed below 10000 will give a bear bias and below 9940 it will get accentuated for the next
the target of 9650-9500.
F&O Analysis
According to Open Interest Data, the Maximum Call open interest stand at 10000 and Put at 9500 followed by 9800 suggests a narrow trading range for the index. PCR stands at 9700 validate it as an immediate support level.
Nifty weekly levels (Future)
Technical Chart of Nifty
Nifty weekly levels – Support at 9540 while Resistance at 10330.
Either side of the breakout will give 500-700 points in the respective direction.
Risky Trader may go with Short at high 10050-10000 with stop loss 10330 for the target of 9800-9600
Nifty future strategy for the day
Support at 9970, Resistance at 10100.
Sell below 9970, for the target of 9900-9850, Else may test 10100 on the upside.
Bank Nifty
On the other hand, the Financial benchmark index Bank Nifty fizzled out from the high, and draw hanging man pattern on the chart which indicates selling pressure may sustain in the current week too.
Bank Nifty weekly levels (Future)
Support at 19300 while Resistance at 21800.
Either side of the breakout will give 1500-2000 points in the respective direction.
Bank Nifty Future strategy for the day
Support at 19500 and Resistance at 20200
Buy above 20200 for the target of 20500-20800, else may test 20500 on the downside.
Sell below 20500 for the target of 20300-20000.
Sector Update
Nifty Realty is again heading towards the north direction
As expected Nifty Realty perform well in the last week and achieved our targets. After the government’s decision to unlock the country, this sector shows a strong reversal from lower levels. Most of the pending projects already started and take this sector on the track.
On the technical front, Nifty Realty formed a bullish candle on the daily chart and heading towards the north. We will expect it to touch fresh highs in upcoming sessions. Momentum indicator RSI also supports our positive view in this sector. Now hurdle around 209, break and close above 209 will touch 230 and then to 240 levels in days to come. Support around 190, break and close below 190 will negate our positive view in this sector.
Stocks to perform this week are:
Sunteck – Stock formed a bullish pattern on the daily chart. Hurdle around 175, break and sustain above 175 will take it to 190 and then to 200 levels in days to come. Support and stop loss below 160 on a closing basis.
Prestige – Stock looks bullish on the charts. Traders can enter around 195 for the upside rally till 220 and then to 230 levels in days to come. Support and stop loss below 175 on a closing basis.
Top Stocks Recommendations for tomorrow (15th June 2020)
Prestige (Cash)
The stock looks bullish on the charts. Traders can enter around 195 for the upside rally till 220 and then to 230 levels in days to come.
Support and stop loss below 175 on a closing basis.
JSW ENERGY (Cash)
Catch JSW Energy above 49. Resistance around 49, break and close above 49 will see sharp upside till 55 and then to 58 levels in days to come.
Support and stop loss below 44 on a closing basis.
TATA STEEL (Future)
The stock has formed a green bullish candle on the chart. Catch it around 312 levels.
Traders can buy Tata Steel around 312 with a stop loss below 300 on a closing basis for an upside target of 330 +++ levels in days to come.
CENTURYTEX (Future)
Grab this counter around 292 as the stock has formed a bullish pattern on the chart.
Traders can buy around 292 with a stop loss below 276 on a closing basis for an upside rally of 320 +++ levels in the coming days.
Traders can trade safely with levels only. More will update during market hours.
Read our this week chart idea update on Bata India (Click here)
[…] the other hand, Financial benchmark Bank Nifty witnessed a very volatile day and ended with a hammer. Technically bear still have a hold. Nifty […]