NIFTY View

Nifty View: 30th June 2014 and Ahead

NIFTY Daily Chart
On the daily charts, NIFTY has entered a time wise correction after 19th June since breaking the upward sloping trendline. This sideways correction could go on for a few days more. 7450-7600 is the range for the index till any of this level is broken which can start off a fresh move. The market is showing no sign of any weakness and we expect a fresh upmove post the budget which comes on 10th July, 2014. Nifty has strong support at 7480-7485 levels at it's 21EMA.
For this week traders can sell both 7400PE and 7600CE at 94 & 130 and collect the premium of 224. Hold till the index closes above 7400 or 7600.
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