Nifty - More noise is pending for Intraday Traders


Above mentioned Nifty image is a preview of the Friday (18th June 20201) trade. What a remarkable fall as well as recovery in intraday.


Support of FII in buying stocks of Rs. 2680 Cr was showing that they are still ready to buy on every dip.


But are they serious or it is a trap?


Well. We are still in the bull run, but for the short term, we are in consolidation mode.


It is not a trend reversal, still, it is only a profit booking. Fresh money will come in the stock market and they will start buying on every dip.


In Weekly Options, 15700 comes up with a strong resistance where 49000 calls sold against 32700 PUTs approximately, indicates this level will become a strong tug of war between bulls and bears for this expiry.


Technically, Nifty should cross 15850-900 to go up but just remember before taking any bullish trade, the upside will face extreme resistance between 15950 to 16000. and it is not easy to cross this level without strong volumes.



USDINR prices are also showing a different story in the above image. It went from 73.1 to 74.13 in a couple of days, which is a negative sign for our currency as well as Nifty.


So in summary, we will say protect your profit by using stop losses. In the coming week, Nifty can go up to 15850-15900, but sustainability at this level is a question mark, so better to book profits from time to time and do not surprise if you can see a big deep fall which can take Nifty to 15500 to 15450.


India Vix climbed by 2.84% and reached 15.28. So Intraday would obviously be volatile in the coming week. The move will be on both sides, so be prepared to protect your profits. We will not suggest going long at this level. Defensive stocks can do wonders.


Thanks for reading

Happy Trading

Keep Investing


Regards

Neeraj Bhatia

Managing Director

www.crbspvl.com







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