Nifty 50 Intraday Trade Setup for 24th June 2020

Good Morning friends,

I hope you guys are doing good and making some good money in this bull market. Yesterday was an awesome day and we had made good money from Nifty and Bank Nifty Index. I have got a lot of Questions regarding of this bull rally. Peoples are confused here and do not trust in this bull Run Because of COVID and Indian Economy. Let me clear you one thing Market do not care and follow the economy in the short term. The market has its own Cycle and path. sp stop making the assumption and trade with the Trend. Technically nothing wrong in the Market. Let's talk about today's trade setup.

Key Factors
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1- SGX trading on 10,445 which is 40 Points low from Previous closing. Might be small gap down or flat opening in Nifty 50 Index.
2- Dow is trading on 26196 which is 0.38% higher than the previous closing. Index taking 26400 as resistance and we can see a correction in upcoming days.
3-European shares rose to a near two-week high on Tuesday, powered by cyclical stocks after the latest economic data
4- 14000 peoples die in India from COVID and patents numbers are increasing daily. 14923 cases registered in last 24 hours.
5-Govt imposes Anti-Dumping Duty on import of Flat-rolled product of steel, plated or coated with an alloy of Aluminium and Zinc, exported from China, Vietnam, and Korea. Duty amount up to $173.10/mt. For five years.
6-securities in the ban for trade date 24 June 2020 century, just-dial, idea
7- Crude Oil is still Strong.
8-India is very likely to come out with another round of fiscal stimulus package, worth about 1 per cent of GDP in the coming months, Fitch Ratings said on Monday.
9-Foreign institutional investors (FIIs) bought shares worth Rs 424.21 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,287.69 crore in the Indian equity market on June 22, provisional data available on the NSE showed.

Technical View
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The index is trading in uptrend channel since April 2020. The correct structure of the index is a higher high and higher low.

Resistance: Nifty first resistance is on 10,600. The index can make a new high and test 11,000 level on the breakout.
Support: Current support sits on 10,000 and the major support is on 9,500

Option Chain
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Call: Maximum call OI of 36.16 lakh contracts was seen at 10,500 strikes, which will act as crucial resistance in the June series.
Put: Maximum put OI of 26.41 lakh contracts was seen at 10,000 strikes, which will act as crucial support in the June series.

Trade setup :
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Long: Open long position if Index breaks 10,500 and sustain above on it.
Short: short Position can build lower than 10,400

Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.

Good Luck and Happy Trading
Virendra Pandey