MARKET OUTLOOK FOR 23rd JUNE 2021

TODAY’S MARKET SNAPSHOT:

	NIFTY	BANKNIFTY
OPEN	15840.50	35084.90
HIGH	15895.75	35281.90
LOW	15752.10	34664.35
CLOSE	15772.75	34745
PREVIOUS CLOSE	15746.50	34871.30
SUPPORT	15720	34400
RESISTANCE	15900	35300
VIEW	SELL ON RISE	MILDLY NEGATIVE

Today both the indices opened higher. As already predicted, nifty faced strong resistance near 15900 level while as bank nifty faced strong resistance near 35300 level. Barring auto, all sectoral indices traded flat in today’s trading session.

Tomorrow will be a make-or-break day. If nifty spot fails to hold 15700 tomorrow, short aggressively nifty futures for a possible target of 15550. Bank nifty looks mildly negative and every rise should be viewed as an opportunity to short the bank nifty futures for a possible target of 34200. As it is a monthly expiry week, hence volatility will be high on both sides.

Today the advance-decline ratio favored bulls in the ratio of 1.5:1.

FII & DII TRADING ACTIVITY (IN Rs CRORES)

	FII	DII
CM	+3,576.11	-1,852.52
IDXFUT	+669.26
IDXOPT	+6,839.64
STKFUT	-337.33
STKOPT	+10.77

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

SYMBOL	LTP	%CHNG	VOLUME
MARUTI	7,257.50	5.18	17,57,310
UPL	802.00	3.86	87,73,658
SHREECEM	29,161.15	3.32	73,694
WIPRO	556.70	2.68	57,52,921
SBILIFE	1,005.00	2.39	22,89,172
ASIANPAINT	3,015.00	-1.75	11,99,238
BAJFINANCE	6,018.00	-1.60	15,40,611
NESTLEIND	17,430.00	-1.24	70,532
HINDUNILVR	2,487.00	-1.09	19,45,883
INDUSINDBK	999.00	-0.85	41,41,759

ANALYSIS OF TODAY’S DERIVATIVE DATA for 24^th June Expiry

1. NIFTY

Today’s option chain data suggests that strong resistance for nifty exists at 16000followed by 15900 and 15800 levels while as strong support exists at 15600 followed by 15500& 15400levels. Heavy call writing was seen at 16000followed by 15900 while as NO SIGNIFICANT PUT WRITING was seen in today’s trading session. The derivative data is currently suggesting that nifty will face strong selling near 15800 levels while as buying will emerge near 15400 levels.

• Bank Nifty

Today’s option data on bank nifty is mixed as no major additions are seen on both calls as wells as puts. In fact, the option data suggests possible target of 34000 in next 2-3 trading sessions. Overall today’s bank nifty data is mildly negative.

MAXIMUM PAIN OPTIONS FOR 24^TH JUNE EXPIRY

NIFTY	15900
BANK NIFTY	35000

Sectors to watch out for tomorrow

1. Nifty PSU BANK
2. Nifty Reality
3. Nifty Auto

Stocks to watch out for tomorrow:

1. Maruti Suzuki (Buy)
2. SREI Infra (BUY)

For exact entry and exit levels, you can mail me at investor0007@hotmail.com