First and foremost, I am enjoying my vacation in the country side with cousins and relatives with limited connectivity and hence not much updates on blogs for a week or so.
Readers may recall that we had clearly established the period from 20th June would be very exciting for trade with plenty of opportunities and an upward bias; we hope you made some profits out of the wonderful opportunities that came over the last 4 sessions
OI in Nifty futures has moved up to about 28 million with 2 sessions to June expiry
Critical levels remain unchanged for both Nifty and BankNifty
Recap:
Crucial Support Band for Nifty @ 5032-5092; closing below 5032 opens Nifty for some steeper cuts
Crucial Resistance Band for Nifty @ 5169-5177-5196; closing above 5169 opens Nifty for 5342 on upside
Likewise, for BankNifty, 9900-9950 band is critical; closing above this band keeps hopes alive for retest of 10200 and closing below this band opens 200-250 points on the downside
Images for reference
On a stock-specific basis, we had recommended Larsen for a long trade above 1275 and it now seems that the upside has given up; bears should wait for a close below 1335-1340 levels for initial targets of 1275-1300;
Likewise, Tata Motors can be weak below 220
Next Update: Most likely on Friday 29th June '12
As usual, safe traders may choose to take a small break for a couple of days and let the dust settle on expiry
Readers may recall that we had clearly established the period from 20th June would be very exciting for trade with plenty of opportunities and an upward bias; we hope you made some profits out of the wonderful opportunities that came over the last 4 sessions
OI in Nifty futures has moved up to about 28 million with 2 sessions to June expiry
Critical levels remain unchanged for both Nifty and BankNifty
Recap:
Crucial Support Band for Nifty @ 5032-5092; closing below 5032 opens Nifty for some steeper cuts
Crucial Resistance Band for Nifty @ 5169-5177-5196; closing above 5169 opens Nifty for 5342 on upside
Likewise, for BankNifty, 9900-9950 band is critical; closing above this band keeps hopes alive for retest of 10200 and closing below this band opens 200-250 points on the downside
Images for reference
On a stock-specific basis, we had recommended Larsen for a long trade above 1275 and it now seems that the upside has given up; bears should wait for a close below 1335-1340 levels for initial targets of 1275-1300;
Likewise, Tata Motors can be weak below 220
Next Update: Most likely on Friday 29th June '12
As usual, safe traders may choose to take a small break for a couple of days and let the dust settle on expiry
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