Tuesday, 19 June 2018

Trade Setup for Wednesday : Nifty closed above 10690 crucial support

The Nifty given a gap down opening following Asian Market and Global clues on Trade war and rising oil price and high yield. Sensex opened at 10789 and after that couldn't able to reclaim its 10800 and got dragged to hold crucial support at 10700-709, which is two week low also.

Investors are advised to remain cautious and use rallies to short the index, with a stop above 10,830. As long as the Nifty is trading below 10,930, chances of correction will remain.

The Bank Nifty continued its formation of lower highs and lower lows for the fourth session on the trot. It formed a Bearish candle on the daily chart and resistances are gradually shifting lower.

As long as it doesn't negate this formation and holds below 26,500, the weakness could take it to 26,100 or even lower as per experts on CNBC Tv18.

Any attempt of Nifty to breach support of 10698 and 10646 will confirm the downside of the index towards next support at 10417 and on upper side resistance at 10770 and 10830 and any attempt towards that should be treated as sell on rise below 10770 level. 

Bank Nifty is continuously creating pressure on Nifty Index and showing more weakness by closing below crucial support of 26400-300 which is now working as resistance followed by 26501 and next crucial support at 26190 and followed by 26090.

Foreign institutional investors (FIIs) sold shares worth Rs 1,324.92 crore, while domestic institutional investors bought shares worth Rs 653.68 crore in the Indian equity market on Tuesday


Market outlook for tomorrow