11.06.2020 Thursday, 8.39 am 

Hi Readers

What has happened on yesterday? Nifty Index as expected opened on a positive note near our resistance band i.e.10080-10120, made a high at 10119 thereafter, the sell-off dragged the Index till our support level i.e. 10040, made a day low at 10036.85, further it was consolidating till 3 pm thereafter, the closing rally lifted once again till 10148.75 and closed the day at 10116.15 on a positive note.

What will happen today? Nifty Index may open on a flat note to test 10120-10150, if trade and sustain above 10150 then, it may test 10180-10220-10260-10295-10330-10395-10460. Likewise, the immediate support lies at 10050-10020, if trade and sustain below 10020, it may test 10000-9970-9945-9889-9840-9805-9750.

Special Mention: The Nifty Index as expected and written tested 10300 mark on 08th June, but unable to close above 10260, the technical sell-off dragged near 10k mark, yesterday the Index made an inside day formation, which shows the indecisiveness and lack of direction. the bulls are trying hard to hold the Nifty Index at 10k mark, let us see whether they able to hold at 10k mark today. Also, watch 10020-9970 level on the lower side and 10150-10260-10330 on the upper side, either of these levels to break to take further direction. Any weakness below 10020-9970, the Index may re-test 9890-9800 levels very soon and further upmove is possible only above 10260-10330 if, trade and closes above 10260 for three consecutive trading sessions then 10500-10550 possible in the near term, let us wait and watch how it trades today and tomorrow, the weekly option expiry falls today already the volatility ruled the index since last two days, today also we may expect the volatility.

Please be cautious in this rally it is purely a pull back in nature and trap the traders and Investors, it may even take the Index beyond 10550, if closes above 10550 for three consecutive sessions then, it may test 11000-11300 before June'20. I have my own doubt that once again a major sell-off is possible during July-August, the Covid-19 is spreading across the nation once again, the death rate is also going up, since more lock down relaxation is underway, we will pray the god almighty to save the people from this pandemic, across the nation and world too.

Trading Strategy: The Investor/trader may start to invest once again at 9600-9100 level in the Nifty index, for short term perspective to gain 10-15% in Nifty 50 stocks. This is a traders market, to trade for short term gains, rather to wait for long term basis. In F&O segment risk trader may buy in Nifty Fut on dips at 9970-9940 levels for short term gains. The covid19 impact is difficult to measure on the economy in this juncture, must wait for another 2-3 months till then we must wait and watch the further developments. For time being, the Index bottemed out at 7500 levels unless, any unexpected worse thing happens in the near term, till then this level may act as a strong support. 

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