Global markets are indicating that the Indian stock market may see a mixed trend. Let’s take a look at the Indian market and the opportunities for gains in Nifty, according to the views of CNBC-Awaaz’s Veerendra Kumar.
Market Summary:
– On May 31, the Sensex-Nifty closed with a decline of 0.55% and 0.53%, respectively.
– For Nifty, the first resistance is at 18573-18612, followed by a major resistance at 18639-18677/18705.
– The first base for Nifty is at 18449-18392, followed by a major base at 18351-18312.
– The institutional figures are very poor and there is selling pressure everywhere.
– The 18449-18392 level is a good shorting opportunity, and if it breaks, the 18312 level is also possible.
– On the expiry day, a trade zone between 18705-18677 and 18449-18392 is possible.
Strategies for Nifty:
– Short below 18449-18392.
– 18500-18400 is a strong option base, and a pullback is possible.
– The road to 18677-705 remains open as long as 18449-18392 holds.
Strategies for Nifty Bank:
– Nifty Bank’s first resistance is at 44288-44440, followed by a major resistance at 44540-44770/44890.
– The first base for Nifty Bank is at 44890-44702, followed by a major base at 44510-44351.
– On Wednesday, Nifty Bank successfully closed above 44000.
– The put writers for 44000-43500 are holding their positions.
– Short only if the second base breaks.
– The first base is at the 20 DEMA zone, buy above it.
– On Thursday, a trade zone between 44288-44440 and 43890-43702 is possible.
Disclaimer:
The views expressed by the expert on Moneycontrol.com are his own, and the website or management is not responsible for them. Users are advised to seek certified expert advice before making any investment decisions.
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