An important event ended in the market yesterday, but today the market was neutral at the level of 15,550/51,700. This confirms that the market trend is strong and may reach 15,900/52,800 or 16,000/53,100 level once again. Today, technology stocks and gave strong support to the index, which allowed the Nifty to close at 15,700. The Nifty/Sensex could reach fresh levels on Friday if the indices don’t close below the levels of 15,550/51,700.
On an immediate basis, 15,770/52,500 and 15,850/52,700 levels would be major hurdles. Below the levels of 15,550/51,700, the Nifty/Sensex would gradually fall to 15,400/51,300 or in the worst-case scenario to 15,300/51,000.
Analyst: Shrikant Chouhan, Executive Vice President – Technical Research
ICICI Pru Life: BUY
CMP: Rs 589.95
Target: Rs 610
Stop loss: Rs 580
A breakout is seen with a bullish engulfing candlestick pattern along with rising volume indicating a new leg of uptrend in the counter.
CMP: Rs 1,458.2
Target: Rs 1,500
Stop loss: Rs 1,435
The stock has formed an Inverted Hammer candlestick pattern near an important support zone, which suggests that a reversal is likely in the near term.
CMP: Rs 2,555.85
Target: Rs 2,630
Stop loss: Rs 2,515
The stock is trading in an Ascending triangle chart formation with decent volume activity and a strong breakout is expected in the coming horizon.
EID Parry: BUY
CMP: Rs 428.5
Target: Rs 450
Stop loss: Rs 420
From the last few sessions, the stock is into a consolidation phase; meanwhile a Hammer candlestick pattern is formed near the support area, indicating bullish sentiment.
Analyst: Sahaj Agrawal, Head of Research- Derivatives
Futures: BUY Futures-June at 1,030
TrendLine support seen on Daily Charts at 1,010 on spot with positive momentum.
Options: Nifty Long Butterfly for 24 Jun 2021 Series
Buy 1 Lot 15,600 CE at 173; Sell 2 lots 15,700 CE at 113
Buy 1 Lot 15,800 CE at 68; Max Loss: 15; Max Profit: 85
Short-term View: Nifty is showing signs of consolidation and is expected to remain in a range between 15,550 and 15,850 over the next few days. In this situation, a Long Butterfly of 15,600-15,700-15,800 is apt.
Forex & Interest Rate Technical
Analyst: Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives
USD-INR: Buy between 73.80/74.00
Analyst: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities