So we are looking for a 10600 in next week in mode and then a reversal from there. And the confirmation will come when Nifty gaps up above the resistance of 10800 after it touches the low 10600.
Another Point :- 10600 PE - Open Interest - Is Maximum - currently at 51 Lakh Contracts ( Options ) for July Series -- So less chances that Nifty going below 10600 and closing below that level.
Looking at World Markets :- Most Markets have got a decent correction whereas Nifty is Consolidating in a range. The DAX & Nikkei are showing a sign of reversal from the said correction. Nikkei, DAX & Nifty are mostly moving in tandem so we are hoping that the bounce is in sight. A bit of negative news is also affecting the world markets like high Oil Prices & Trade Wars. And the negative news mostly tend to move the markets on upside rather than on downside.
Nifty is still in Wave 5 of which Wave 1-2 correction is underway and we are expecting the start of wave 3 within a week.
And our Final Bias Stock :- YesBank is showing the signs of breakout and it always moves ahead of Nifty . So will this time be any different or will history repeat itself.
On OI Contract - Not much on both sides - Bears are Holding out for the moment.
Keep an eye on BankNifty - HDFCBANK, KotakMahindra Bank & Yes Bank -- Closing Above 27000 on closing basis -- Go Long on BN for 1000 points in week/fortnight !!
Kindly Don't Short Markets for any moment instead go long on any dips !!