There could be some consolidation but the overall trend will be on the upside, said experts.
Traders should watch out for levels of 15,450-15,470; if Nifty manages to keep its head above this resistance it will be on course to test levels of 15,780-16,220, suggest experts.
We think that this time in July, the index will give the breakout of 10,500-10,550 level with the good support of 10050-10000, afterwards, the target would be at 11,040 levels.
Rollover in Nifty stood at 78.93 percent, which is higher than its quarterly average of 69.70 percent.
The June series has started on a positive note but ongoing US-China diplomatic issues, ending of lockdown 4.0, and the India-China border tension may keep the market volatile, CapitalVia Global Research's Gaurav Garg told Moneycontrol.
Now a decisive break of the range of 9,900-10,000 still looks difficult and another round of equity sell-off cannot be ruled out unless we surpass this range.
The Nifty50 registered a bullish candle on a weekly basis tracking positive global cues. Sectorally, all major indices ended the week in the green lead by financials, metal, and auto.
The recent price structure of descending lows and peaks indicates immediate hurdles near the 9600-9700 zone.
From the last few sessions, Nifty is showing sideways moves but with positive bias along with the addition of decent open interest.
We are welcoming a June series with open arms on Friday. It will be very interesting to see what is in store for the June series.
The next important cue for the markets will be the results season, followed by the monsoon session of the Parliament, says Taher Badshah of Motilal Oswal AMC. He will also be watching out for some guidance from the Reserve Bank if monsoon continues to be good.
PhillipCapital's Vineet Bhatnagar do not see Nifty closing the June series above 5670. He believes Nifty will remain range bound in the first week of July and will not break 5477.
F&O cues: Highest open interest (OI) buildup was seen at Nifty June 5700 call & Nifty June 5500 put on Wednesday ahead of expiry Thursday.
Experts believe that 5700, which was tested by Nifty last week could be a strong support for entire June series and it may trade in 5800-5950 range.
Dilip Bhat, joint MD, Prabhudas Lilladher says the dip of the rupee means that the fall of inflation is arrested, which is a matter of concern because whatever money that has been put in, especially by the Foreign Institutional Investors (FIIs), there is a de facto depreciation for them too.
More short positions are seen building in the index than specific stocks. Those looking to play this series can adopt a bull spread strategy by buying 1 call of 6000 strike and sell 2 calls of 6100 strike
Rupee depreciation is unlikely to prevent stock market from rallying. June series might not be as volatile as May. Resistence for Infosys is seen at Rs 2,550.
The market offered no surprises today because it is closely clinging to that 5100 level and that is what is expected before expiry, said Udayan Mukherjee, Managing Editor of CNBC-TV18.
The June series has been a good one and Vineet Bhatnagar, MD of MF Global feels that the disinterest present in the last expiry seems to have faded away. According to him FII open interest in Nifty is higher than the three month average.
As the June series comes to a close today, expectations are ripe as to what the market can look forward to in July. Ambareesh Baliga, COO, Way2Wealth says he has been quite bullish in the past couple of weeks and continues to be so.
In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says an expiry day usually creates some volatility so it's wise to step aside.
Today is expiry for the June series. It has been a good series for the market and a good comeback from the disappointment of May, says CNBC-TV18's managing editor Udayan Mukherjee.