Nifty last week (29th May 2017 – 2nd June 2017) round up- Nifty opened the week in the red by giving way 35 points and drifted down to take support at 9550 levels to move slowing higher to close at historical highs.
Nifty Weekly Movement : Open: 9560.05 High: 9673.50 Low:9547.70 Close :9653.50
Nifty outlook for the Week (5th June 2017 – 9th June 2017) : Nifty forming strong bull candle on weekly chart and near 9700 levels near the strong call writing zone. So one can expect market to consolidated till the outcome of RBI’s Monetary policy. This upmove is not backed by fundamentals so be cautious while cresting long positions.
Nifty Negative signals : Nifty futures trading in the discount.
Nifty Positive Signals : Nifty trading in a uncharted territory.
Nifty Weekly Support : 9550,9480
Nifty Weekly Resistance : 9700
Nifty Expiry 29-Jun-2017 Range: nifty can move between 9400- 9700.
Nifty Trend Reversal : 8980 – 9000
Nifty 29 Jun 2017 expiry: Sell Nifty JUN 2017 9400 PUT @ 280 and Sell Nifty Jun 2017 9700 Call @ 120.Total Premium Outflow: 400 hold for a target of 300 stop around 480.
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