Good Morning sirs,
I hope you guys have done good in yesterday's trading session and made good money there from our Trade setup. Our short Position is lower than 9800 and Index made 9726 low when starting lower than in 9800. Easy 70-80 points in Intraday. We had seen a gap down again and aggressive short-selling till the first trading session. The index is still bullish in Midterm but in 2 last trading sessions shorter take control and index give a good correction.Let's see what is will be our trade setup for today's 16th June Trade setup. First, we focus on key factors which can affect in our Market.
Key Factors
==================================
1- SGX nifty Trading Give good recovery after our market and made a new high . Closing is on 9908 which 112 point up from previous close.80-10 Point gap up accpected.
2- India has recorded 3.32 lakh active COVID-19 cases and death Numbers are increasing daily.10000 Covid-19 patient died on Monday.
3-Asian shares stumbled on Monday and oil prices slipped as fears of a second wave of coronavirus infections.
4-India’s industrial production, according to a report by Business Standard, contracted 55.5 percent in April, the sharpest ever, as the COVID-19-induced lockdown almost froze economic activities. The Index of Industrial Production (IIP) had shrunk 18.3 percent in March.
5-Saudi Arabia’s wealth fund Public Investment Fund (PIF) is all set to pick up a 2.33 percent stake in Indian oil-to-telecom conglomerate Reliance Industries’ (RINSE 1.62 %) Jio, for an estimated $1.5 billion, Gulf News reported on Monday citing an unnamed source.
6-US Index Dow and SP recovering. Dow trading on 2616 which is 170 points above from the previous closing.
Technical View
=============================================
I tried to explain everything on the chart and describe what is a possibility for June and July month. 10,500 is still a crucial area and a major resistance for the Nifty 50 Index. we need to keep an eye on this level if the index sustains above on this range then we can see a new high because our Harmonic ABCD pattern will be active their prz area is on 11000. NIfty has taken channel support on 12th June and give a good rally on Friday trading session. this area is still key support. The level is 9400-9500. Index intraday support.
Trade setup
==========================
LONG: Wait for 9900 Level and build your long position if Index sustains above on this mark.
Short: Short position can build lower than 9700
ote: A trader is always hungry for appreciation. If my view does help you in your trade setup than please like and ask your questions in the comment box.
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 have done good in yesterday's trading session and made good money there from our Trade setup. Our short Position is lower than 9800 and Index made 9726 low when starting lower than in 9800. Easy 70-80 points in Intraday. We had seen a gap down again and aggressive short-selling till the first trading session. The index is still bullish in Midterm but in 2 last trading sessions shorter take control and index give a good correction.Let's see what is will be our trade setup for today's 16th June Trade setup. First, we focus on key factors which can affect in our Market.
Key Factors
==================================
1- SGX nifty Trading Give good recovery after our market and made a new high . Closing is on 9908 which 112 point up from previous close.80-10 Point gap up accpected.
2- India has recorded 3.32 lakh active COVID-19 cases and death Numbers are increasing daily.10000 Covid-19 patient died on Monday.
3-Asian shares stumbled on Monday and oil prices slipped as fears of a second wave of coronavirus infections.
4-India’s industrial production, according to a report by Business Standard, contracted 55.5 percent in April, the sharpest ever, as the COVID-19-induced lockdown almost froze economic activities. The Index of Industrial Production (IIP) had shrunk 18.3 percent in March.
5-Saudi Arabia’s wealth fund Public Investment Fund (PIF) is all set to pick up a 2.33 percent stake in Indian oil-to-telecom conglomerate Reliance Industries’ (RINSE 1.62 %) Jio, for an estimated $1.5 billion, Gulf News reported on Monday citing an unnamed source.
6-US Index Dow and SP recovering. Dow trading on 2616 which is 170 points above from the previous closing.
Technical View
=============================================
I tried to explain everything on the chart and describe what is a possibility for June and July month. 10,500 is still a crucial area and a major resistance for the Nifty 50 Index. we need to keep an eye on this level if the index sustains above on this range then we can see a new high because our Harmonic ABCD pattern will be active their prz area is on 11000. NIfty has taken channel support on 12th June and give a good rally on Friday trading session. this area is still key support. The level is 9400-9500. Index intraday support.
Trade setup
==========================
LONG: Wait for 9900 Level and build your long position if Index sustains above on this mark.
Short: Short position can build lower than 9700
ote: A trader is always hungry for appreciation. If my view does help you in your trade setup than please like and ask your questions in the comment box.
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
Telegram : t.me/Codeviser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Telegram : t.me/Codeviser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.