NIFTY View

Week 7th June and ahead

For NIFTY, 5850 is a pivotal point of the previous rally. Market will be said to be in a weak zone only if it closes below 5780 level. One the upside, 5980-6020 is a resistance level. Support levels are 5850-5870 level, Resistances are 5970-6020 level. If range breaks, 5760-5780 is next support and 6120 the next resistance. Any trade in NIFTY should be taken with SL of 20 points for intraday or 40 points for positional. Keep booking profits in jump of 40-60 points.

NIFTY is consolidation after a BIG RUN

Bank Nifty is the trade we are taking this week. With a support of 12,155 we expect 12350/12450 levels in the index. Below 12150, the next levels are 12030, 11970.

BANK NIFTY

The IT Index is showing an uptrend and is in a range of 6370 and 6560. We expect further upward movement in IT stocks and maintain a BUY in TCS on every dips as well as call options for june months for 1500, 1550 and 1600 strike prices.

IT INDEX

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