TODAY’S MARKET SNAPSHOT:
Today both indices opened higher but profit booking kicked in from the word go. Amid volatility, both indices closed near the lows of the day which is a bearish sign. Nifty broke important resistance level of 15740 and closed below the psychological level of 15700. Bank nifty on the other hand closed below importance resistance level of 34600. Heavy selling was witnessed in metals, IT and infra while auto stocks witnessed some buying interest.
The weakness is likely to continue tomorrow on both nifty as well as bank nifty. If nifty spot breaks 15600 convincingly tomorrow, then short nifty futures aggressively for a target of 15350 in next 2-3 sessions. On the other hand, initiate short positions on bank nifty futures when spot bank nifty breaks 34500 for a target of 34000.
The advance decline ration was in the favor of bears today in the ratio of 1.5:1
Avoid long positions on both nifty as well as bank nifty.
FII & DII TRADING ACTIVITY (IN Rs CRORES)
TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)
ANALYSIS OF TODAY’S DERIVATIVE DATA for 24th June Expiry
As per today’s option chain data, strong resistance for nifty exists at 15800 followed by 15900 & 16000 levels while as strong support exists at 15600 followed by 15500level. Heavy call writing was seen at 15800 followed by 15750 while as put writing was seen at 15600 and 15500 levels. There has been an addition of 43066 contracts in 15800 call option and 21582 contracts in 15550 put option, meaning that tomorrow’s expiry will be below 15800 and above 15550 levels. Market players are advised to buy put options once nifty comes close to 15800 levels for a 3-4-fold return.
- Bank Nifty
As per today’s option chain data, 35000 is a strong resistance&34500 strong support. Call writing seen at 34800 and 35000 levels while as no significant put writing seen in bank nifty today. The bank nifty is likely to close below 34500 tomorrow as per today’s option chain data.
MAXIMUM PAIN OPTIONS FOR 24TH JUNE EXPIRY
Sectors to watch out for tomorrow
- Nifty BANK
- Nifty IT
- Nifty Auto
Stocks to watch out for tomorrow:
- Bajaj Finance (Sell)
- Bharti Airtel (Sell)
- Adani Gas (Sell)
For exact entry and exit levels, you can mail me at firstname.lastname@example.org