Good Morning friends,
I hope you guys are doing good and making money from the stock market. finally ending with a negative bias in June month expiry. We enter in July month expiry. In June expiry Index was so bullish and give almost 1000 Points run. The question is is the Bull run will be continued in July also. Well, Index is breaching on their supply zone ( 10800-11000) and we can see a correction from here. The short term trend of Nifty is still negative. Let's talk about key factors for today 26th June trade setup.
Key Factors
===========================
1-SGX closed on 10289 which is 53 point above from the previous closing. A small gap up or flat opening we will see in Nifty 50 Index.
2- Dow is recovering from last week. Trading on 10307 which is 71 Point above from the previous closing.
3-Rupee keeps its range-bound trades continued between 75.50-75.90 & broad range of 75.00-76.40.
4-Cautiousness was visible as the IMF revised their GDP growth outlook for India and the infections continued to rise. India on June 25 recorded its highest single-day jump of nearly 16,000 COVID-19 cases and the number of cases in Delhi surpassed Mumbai on June 24 while the lockdown in containment zones in West Bengal was extended till July 31.
5-The Railways on June 25 announced its decision to cancel regular time-tabled passenger services, including mail, express, passenger and suburban services up to August 12. It had earlier canceller all regular train services till June 30.
6-India plans to impose stringent quality control measures and higher tariffs on imports from China, people with the knowledge of the matter said, as a military standoff between the neighbors threatens economic ties. China is India’s biggest source of imports, with purchases including electronic goods, industrial machinery, and organic chemicals running into almost $70 billion last year. Beijing enjoys a trade surplus of about $50 billion with New Delhi. Source Bloomberg
Technical View
==============================
Nifty on Thursday closed bellow 10,300 but the candle is bullish on the daily chart and index has still room in the upside and can test 10,800-11,000. this is the major supply zone for Index.
Resistance: Intraday Resistance is on 10,360 and key Resistance area is on 10,800 to 11,000
Support: Intraday support is on 10,200 and the key support is on 9,500
Trade Setup
===============
Long: Long Position can build on the breakout of the Intraday resistance which is 10,360
Short: Short Position can build lower than 10,195
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
I hope you guys are doing good and making money from the stock market. finally ending with a negative bias in June month expiry. We enter in July month expiry. In June expiry Index was so bullish and give almost 1000 Points run. The question is is the Bull run will be continued in July also. Well, Index is breaching on their supply zone ( 10800-11000) and we can see a correction from here. The short term trend of Nifty is still negative. Let's talk about key factors for today 26th June trade setup.
Key Factors
===========================
1-SGX closed on 10289 which is 53 point above from the previous closing. A small gap up or flat opening we will see in Nifty 50 Index.
2- Dow is recovering from last week. Trading on 10307 which is 71 Point above from the previous closing.
3-Rupee keeps its range-bound trades continued between 75.50-75.90 & broad range of 75.00-76.40.
4-Cautiousness was visible as the IMF revised their GDP growth outlook for India and the infections continued to rise. India on June 25 recorded its highest single-day jump of nearly 16,000 COVID-19 cases and the number of cases in Delhi surpassed Mumbai on June 24 while the lockdown in containment zones in West Bengal was extended till July 31.
5-The Railways on June 25 announced its decision to cancel regular time-tabled passenger services, including mail, express, passenger and suburban services up to August 12. It had earlier canceller all regular train services till June 30.
6-India plans to impose stringent quality control measures and higher tariffs on imports from China, people with the knowledge of the matter said, as a military standoff between the neighbors threatens economic ties. China is India’s biggest source of imports, with purchases including electronic goods, industrial machinery, and organic chemicals running into almost $70 billion last year. Beijing enjoys a trade surplus of about $50 billion with New Delhi. Source Bloomberg
Technical View
==============================
Nifty on Thursday closed bellow 10,300 but the candle is bullish on the daily chart and index has still room in the upside and can test 10,800-11,000. this is the major supply zone for Index.
Resistance: Intraday Resistance is on 10,360 and key Resistance area is on 10,800 to 11,000
Support: Intraday support is on 10,200 and the key support is on 9,500
Trade Setup
===============
Long: Long Position can build on the breakout of the Intraday resistance which is 10,360
Short: Short Position can build lower than 10,195
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
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