Good morning

STUCK ON THE EDGES
Day Nifty High Nifty low
June 6 18,622 18,531
June 5 18,640 18,582
June 2 18,573 18,478
June 1 18,580 18,464
May 30 18,662 18,575
May 29 18,641 18,581

Nifty: Close on May 29: 18,599
Nifty: Close on June 6: 18,599
Nifty at same level as on day 1 of June series
Total Nifty range of 198 points in June series

BIG WEEK FOR MARKET
RBI policy tomorrow, market expects pause
FII buying back after 3 days of selling
Nifty 1.5% away from all-time high of 18,887
Broad market outperforming, Midcap Index at highs
Advance/decline has been strong for many days
US markets have hit fresh 2023 highs

NIFTY OUTLOOK
Playing the range of 18,500-18,650 is working
First resistance zone: 18,625-18,650
Bigger resistance zone: 18,700-18,800
First support zone: 18,500-18,550
Bigger support zone: 18,400-18,500
Sell zone: 18,625-18,650, stop loss: 18,700
Buy zone: 18,500-18,550, stop loss: 18,450
If 18,700 sustains, chase via Calls
If 18,450 is broken, chase through Puts

BANK NIFTY OUTLOOK
Smaller range for today: 44,000-44,250
Resistance zone: 44,250-44,500
Support zone: 43,800-44,000
Sell zone: 44,250-44,400, stop: 44,500
Buy zone: 43,900-44,100, stop: 43,800
If 44,500 is crossed, chase via Calls

Good mornning

BACK IN THE RANGE
Nifty lost 200 points from Thursday morning
All-time high of 18,887 now over 300 points away
No signs of reversal yet, market buying time
Large stocks like Reliance, HDFC twins, Infy under pressure
Broader market still looks very strong
Block deals continue to pick up, latest is Go Fashions

DATA DRIVEN WEEK
Indian CPI data to be released today
Inflation seen dropping to 20 month low
If inflation drops near 4%, market can rally big
Big inflation data and FOMC meet in US as well
Market pricing in pause from Fed

NIFTY OUTLOOK
First resistance zone: 18,650-18,700
Bigger resistance zone: 18,700-18,800
Sell zone: 18,600-18,650, stop: 18,700
First support zone: 18,500-18,550
Most important support: 18,443 (20 DEMA)
Possible that Nifty tests 20 DEMA once again
Nifty protected 20 DEMA twice in May
Buy zone: 18,450-18,500, stop: 18,400

BANK NIFTY OUTLOOK
Bank Nifty is trading near 20 DMA of 43,987
20 DEMA is placed at 43,873
Bank Nifty has protected 20 DEMA on close
First support zone: 43,800-43,850
Most important support: 43,500-43,00
First resistance zone: 44,100-44,300
Biggest resistance zone: 44,400-44,500
Sell zone: 44,100-44,200, stop loss: 44,300
Buy zone: 43,800-43,900, stop: 43,700

Good morning

MACRO CHEER FOR MARKET
INDIA'S INFLATION PICTURE
CPI (%)
April 4.7
May 4.25

Core CPI (%)
April 5.2
May 5

MANGAL FOR MARKET
Cues positive, market has corrected from top
Market has triggers to attempt all-time highs
Liquidity will improve from June 15 adv tax date
Global cues very strong, Nasdaq leads US markets
Brent crude cools further towards $72/bbl
Fin Nifty expiry today, need to keep HDFC twins on radar
Ex of HDFC twins and Reliance, market at new highs
Broader market has been very strong

NIFTY OUTLOOK
First resistance zone: 18,675-18,700 (Options based)
Bigger resistance zone: 18,740-18,800 (Previous swing highs)
First support zone: 18,550-18,600 (Options based)
Bigger support zone: 18,450-18,500 (20 DEMA zone)
Buy at open, add in first support zone of 18,550-18,600
Stop loss for all long trades at 18,450
No short trades unless market rejects first resistance zone

BANK NIFTY OUTLOOK
Bank Nifty again defended 20 DEMA on closing basis
Bank Nifty’s low: 43,874, current 20 DEMA: 43,879
First support zone: 43,800-43,875
Bigger support zone: 43,500-43,600
Buy at open and add in first support zone
Stop loss for all long trades at 43,600
First resistance zone: 44,150-44,200
No short trades unless first resistance is rejected
Bigger resistance zone: 44,400-44,500
Above 44,500, a fast move to 45,000 opens up

Beautiful day for traders 🙏

View in morning was simple: 1) Buy at open 2) dont book the profit immediately ..even carry. 3) no contra trade today.

Good morning

BOOK PROFIT TODAY
Longs were suggested at 18,570 on Monday
Yesterday’s suggestion was to buy at open and carry
After today’s gap up, long traders will be making 200 points on Nifty
18,800-18,850 is profit booking zone, not fresh entry
For fresh entry now, traders need to wait for a reaction
Today, Crude and Bond yield can hurt sentiment
New high will happen, if not this week then in second half

BIG CUES FOR MARKET
FOMC decision today, market expects pause
Big question: Will Powell turn Dovish or stay hawkish
Markets are going into the event with big long positions
Weekly options expiry tomorrow, momentum with bulls
Domestically, progress of monsoon will be key to track
If monsoon progresses well, market will make much higher highs
Only irritant for market has been underperformance of HDFC twins
HDFC twins set to trade as one entity from July

NIFTY OUTLOOK
Need to see how Nifty IT behaves today
Nifty IT has led upmove, JPMorgan negative
First resistance zone: 18,750-18,800
Bigger resistance zone: 18,800-18,888
Need to book profit around 18,800
Fresh entry now either above 18,900 or at 18,600
First support zone: 18,650-18,700
Bigger support zone: 18,550-18,600
Will take a fresh buy/sell call during the day
Square off all positions at 3:20 today
Carrying any positions for tomorrow will be gamble

BANK NIFTY OUTLOOK
Fin Nifty expiry helped for third straight week
Bank Nifty failed to cross first resistance zone
First resistance zone: 44,150-44,200
Bigger resistance zone: 44,400-44,500
Book profit in first or second resistance zone today
Fresh entry now either above 44,500 or at 43,800
Need to see behaviour of HDFC Bank again today
Ex of HDFC Bank and Kotak, Bank Nifty is strong
Fresh buy/sell call will be taken during the day
Square off all positions at 3:20 today
Carrying any positions for tomorrow will be gamble

GM

THE CHINA FACTOR
Second straight day of rate cut by China Central Bank
Clear signs China going all out to revive economy
Big question: Will funds shift from India to China?
Need to keep an eye on commodity prices from here

HAWKISH PAUSE FROM FED
Fed pauses but keeps door open for rate hikes

MARKET: WHAT NEXT?
Market’s focus will now move to monsoon
Nifty should hit all-time high in next few days
Bank Nifty struggling due to technical factors in HDFC Bank
Record date soon for HDFC Bank-HDFC merger
Broader market still has big room for rally from here
Focus on Nifty Junior, still 2000 points off highs
Nifty IT at 200 DMA, make or break zone for big stocks
Metal stocks should have another field day today

NIFTY OUTLOOK
Today is weekly expiry, respect Options zone
Options zone: 18,670-18,780
Today’s range for first half: 18,670-18,780
Short covering likely if Nifty starts to cross 18,780
If Nifty sustains above 18,780, can buy 18,800 Call
At lower levels, first support at yesterday's low of 18,690
Buy zone: 18,690-18,720, stop loss: 18,670
If Nifty rejects 18,780, can sell with stop loss of 18,800
A sharp 3 pm move likely, will revisit in Closing

BANK NIFTY OUTLOOK
Low conviction on Bank Nifty due to various factors
HDFC Bank, Kotak weak, block deal in Axis Bank today
Show 44000 Call and 44000 Put in same plate
Today’s first range: 43,850-44,175
Short covering likely if Bank Nifty crosses 44,175
If Bank Nifty sustains 44,175, can buy 44,200 Call
If Bank Nifty breaks 43,850, can buy 43,800 Put