12 June 2024

A crazy volatile session or a smooth move lets try to decipher

SGX Nifty trading flat at the moment

US futures are trading mild red with Nasdaq down around 0.4%

Nifty BN levels based on chart

Nifty Support at 17466 Resistance at 17570

BN Support at 40650 Resistance at 41080

Nifty BN levels based on OI

17500 support with max PE writing multiple resistances starting from 17600 upto 17700

Bank Nifty has max number of CE PE writers at 41000 with Max pain also at 41000 so the biggies will try for expiry near 41000 I will have close eyes on activity on this strike to decide the trend for expiry.

FII data Analysis

Retails are heavily bearish which means a flat opening will lead to recovery initially followed by some fall possibly after 10:30 am. If we close red today’s session the reversal is most likely and if we close green it will be sure that FIIs are net long for upcoming sessions. Eyes on HDFC Bank, Reliance and Adani stocks may remain under pressure

Stocks to watch

Happy Trading !!!

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