The markets are in a structural uptrend and are expected to sustain the 11,750 marks.
Sahaj Agrawal
After making an all-time high at 12,103 on the 1st trading session of June, Nifty spent the rest of the month in a corrective mode. Though there were few stock specific shorting opportunities during this period, the ranging price action was quite annoying for most short-term traders as it lacked directional bias in either direction.
Selling pressure was visible in the midcap space as the Nifty200 breadth remained weak. Bank Nifty witnessed selling pressure for the first half of the series, however, a smart recovery was seen in the last few trading sessions.
During this contra trend period, the putative swing low (of 11,625) in Nifty50 was formed near the gap support area of 11,600-11,400. We have already seen a decent recovery from those levels and going forward, this zone should play the role of major support. An open interest concentration in JULY 11500PUT Options is also reflective of immediate support near the same.
FOR MORE UPDATES CONTACT US @ RIPPLES ADVISORY OR 9644405057
No comments:
Post a Comment