By Rajesh Palviya
NSE Nifty 50 index closed at 15294 with a lack of 908 factors on a weekly foundation. On the weekly chart, the index has fashioned an extended bearish candle forming decrease High-Low in comparison with earlier week indicating weak point at present ranges.
The chart sample means that if Nifty 50 crosses and sustains above 15400 stage it could witness shopping for which might lead the index in the direction of 15600-15700 ranges. However, if the index breaks under 15100 stage it could witness promoting which might take the index in the direction of 15000-14500. For the week, we anticipate Nifty to commerce within the vary of 15700-14800 with a unfavourable bias. The weekly energy indicator RSI is shifting downwards and is quoting under its reference line indicating unfavourable bias.
Nifty Bank Outlook
Bank Nifty began the week with a downward hole and prolonged earlier week’s promoting momentum nevertheless brief overlaying together with shopping for assist at decrease ranges recovered a number of the earlier losses. Bank Nifty closed at 32743 with a lack of 1741 factors on a weekly foundation.
On the weekly chart the index has fashioned a large bearish candle and closed under earlier week’s low indicating weak point on a brief time period foundation.
The chart sample means that if Bank Nifty crosses and sustains above 33200 stage it could witness shopping for which might lead the index in the direction of 33500-33800 ranges. However if the index breaks under 32200 stage it could witness promoting which might take the index in the direction of 32000-31500 ranges.
For the week, we anticipate Bank Nifty to commerce within the vary of 33500-31500 with a unfavourable bias. The weekly energy indicator RSI is in unfavourable terrain and sustaining under its reference strains indicating unfavourable bias.
Nifty 50 buying and selling technique for twenty third June F&O expiry
The technique which we’re suggesting for the weekly expiry scheduled on twenty third June is PUT LADDER, which entails shopping for one lot of Nifty 15,300 PUT @ 183 & promoting one lot every of 15,100 PUT @ 113 & one lot of 14,900 PUT @ 68. The most revenue of Rs 9,900 shall be attained at 15,100 ranges, whereas technique will begin making loss under 14,700. The value of the technique entails a marginal outflow is Rs 100, which is the utmost loss if Nifty closes & stays above 15,300 ranges on expiry, nevertheless, any sharper motion on decrease facet might end in losses and, as an additional put has been bought it’s advisable to exit the technique in whole to keep away from limitless losses under 14,700. Break Even factors of the technique are 15,298 on upside and 14,698 on the decrease facet.
(Rajesh Palviya, VP – Research (Head Technical and Derivative) at Axis Securities. Views expressed are the creator’s personal.)
Source: www.financialexpress.com”