NIFTY TREND

This week has already  opened negative.Only if Nifty surpasses  last week close of  11282 and close above 11322 there  is  hope for  an upside move. Restrict  your buys till  then.

NIFTY TREND

The monthly expiry closed near month low. Friday trading could see some support near 11200. Weekly close was a bit encouraging as dips have been bought into during the day. Bank nifty was extremely bullish and the momentum likely to continue for the next week.

Nifty has to cross 11307/339 on a daily close basis for targets 11425/477.

Option strategy.  Buy 11350 CE around 22.50 SL 16 target 66.

Bank nifty 29500 CE near 100 SL 85 for target 225.

Keep mild exposure till 31st. 

NIFTY TREND

Nifty and bank nifty - both not out of the woods. If 11301 is broken then the next support is at 11108. Bank Nifty stares at 28500 which is the next support. Any pull back is purely temporary and expiry related. Do not buy CEs and remember this week has started with gap down. Unless index captures 11399 and 11419 one cannot go long in this market. If 11419 is reclaimed, then expiry could be near 11550. Be ready for another downside immediately after expiry. Till Fed decisions are out market cannot break out. Exercise patience to buy CE. 2nd August likely to be a good day to enter CEs as per chart where PEs likely to go into sell mode.

NIFTY TREND

My last week range was on the dot. I clearly specified 11647 as upper target and lower target 11350.  That has also been hit.

With this range, the down side is complete.

The range for this expiry is 11300-11550.  Nifty may cross 11549.80 which was the low made in the month of April 2019.  The expiry above  this number gives  psychological  relief to traders.

Keep an eye of 11500 CE and you may strike gold.

NIFTY RANGE  FOR  THE NEXT WEEK  11350-11647.

NIFTY TREND

Nifty has crossed 11844/11923 and the outlook is positive with an immediate target of 12040/12103.  The downside looks too limited up  to 11815.

The swing in nifty could be around 100-125 points on either side and on Bank nifty it could be 300-350 points on both the sides. 

Remember this budget is almost a non event as this should be in line with what has been presented in the  interim budget presented in February 2019.  The focus could be more in infra structure and agricultural sector. Banking sector revamping and reforms likely to bring in cheers for Bank Nifty sector.  

Breaking 11900 may take nifty down to 11814 and a move above 11965 leads to 12050.

Bank Nifty range 31060-31690.

Keep your exposures light. Good Luck!