Market out look dated 20 th June June 2018
Market Trend :
Trade war concern - Weakness in Street
Market are continue in bearish mode for the last days as trade wear have been started between USA and China and resulted broad based selling seen in market. Across the board selling resulted in Metal, PSU Bank, Reality and major stocks was down trend. Over all distribution pattern and time fresh long avoid till the picuture clear. However, we are near to support level and once break down more weakness likely. On the other hand a TV Channels and Anchor continue basles recommending morning to noon and they are seen U turn and not confirmed at their words so best way to save such types of channels and take your own research before taking any trading session.
Nifty Spot :
Since morning market open with positive bias but broad based selling seen in market and finally it closed at 10710 with a loss of 90 pounts and up side remain under pressure in coming days. We may consider last support 10690-10700, trade and sustained below more weakness towards 10660-10620-10600-10550 likely. Higher level resistance 10760-10780 whereas to decent opportunity short side, in case any pull back rally on intra day basis.
Stop loss for long 10694 and as remain above up side open towards 10970 and 11205. Likely
Bank Nifty Future :
Over all trend is bearish once it has broken support level 26500 and likely weakness continue, as remain below down side first target 26200, thereafter more lower level towards 26000 25900 which is major support area. Higher level resistance 26500 and 26750
Consider stop loss for long 25895, as hold upper side open towards 26679, 27590-28225 in coming days
FO QUES :
Highest Put at 10700 and 10600 holding open interest which indicate more lower level around 10600 +
Highest call writing seen at 10800 and 11000 so in this series maximum up side caped at 10800.
Call writing seen at 10800-11000 strike price
More details and entry level call
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