The Nifty50 closed below its crucial support level of 9,600 on Friday and a breach of 9,550 this week could put bears in-charge of D-Street. If the index manages to stay above 9650 then a bounce back towards 9,700 is possible else, the index is likely to languish in a narrow range ahead of expiry this week.
If bulls manage to pull the index back above 9,600-9650 then a bounce towards 9,680 as well as 9,700 can be seen. But, till then the index is likely to stay in a range. The market is expected to remain volatile ahead of June month expiry on Thursday, June 29, 2017.
The Nifty is consolidating in the band of 9550-9700 levels. It will not be easy for the index to surpass 9,700 in hurry dues to the presence if high Call open interest. The index is likely to remain volatile ahead of June months’ expiry.
If it fails to hold current zone then trading band could slightly shift lower to 9,450-9,650 zone from earlier 9,560 to 9,700, suggest experts.
According to Technicall Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up but there is selling pressure in the upper regions and so some more selling pressure is not ruled out and slide to 9560 is a possibility if it breaks 9620.
The Nifty unfolded weak as expected and saw the low at the support and closed in the red. Technically, a sell has been generated and a stiff resistance exists at 9620 and a slide to 9520-9466 is a possibility. The crucial support for the Nifty is at 9520-9466 and the resistance is at 9620-9700-9724.
Below are some stocks which Prakash Gaba is betting on today:
Bullish Plays:
Mindtree: Indicator Buy | Rating: Buy | Target: Rs 545, stop loss: Rs 527
Sun Pharma: Indicator Buy | Rating: Buy | Target: Rs 555, stop loss: Rs 540
Bearish Plays:
Tech Mahindra: Breakdown | Rating: Sell | Target: Rs 372, stop loss: Rs 389
UPL: Breakdown | Rating: Sell | Target: Rs 815, stop loss: Rs 845
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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