Nifty 50 Intraday Trade Setup for 15 June 2020
Updated
Good Morning sir's
Hope you guys have made some funs in this weekend. Market Behavior is hard to understand these days. right? Well, It's not if you stop following the news and focus on the technical only. The market is very strong since June 1 and working perfectly as per technical. We are doing mistakes and reading a lot of news for economic crises and corona patient numbers and make the view that the Market will react badly but this is not happening. Is this a Bear Trap? Yes, this is a bear trap and the market is not going to stop until Sjorter views not changed OR until they will not exit.
Conclusion: Stop Predicting the market on news bases and trade with the trend. Let's talk about the Key Factor for today's Trade Setup.
Key Factor
=================================
1- SGX trading on 9811 which is 175 low from Friday high. 100-150 gap down is possible today.
2-PM met senior ministers and officials to review the situation and instructed them to undertake “emergency planning” in the worst-affected states and urban centers, particularly in the national capital. The review came a day after the Supreme Court rapped the Delhi Govt over the “horrendous, horrific and pathetic” situation in the national capital.
3-FM said no late fee will be levied for delayed filing of GST returns by registered entities with Nil liability between July 2017 to January 2020.
4-PSBs have sanctioned loans worth Rs 29,490.81 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 14,690.84 crore has already been disbursed.
5-The RBI revised the supervisory framework for financial market infrastructure and retail payment systems. This is owing to the bigger role the payment entities have been playing in the last few years.
6-India's Covid-19 death toll crossed the 9,000 marks on Saturday with a record daily increase making it the world's ninth-worst hit nation in terms of fatalities. The tally of confirmed cases also saw the biggest one-day jump of over 12,000 and reached 311,000.
7-Dow slip again. Trading on 390 Points down from the previous closing.
Technical View
====================================
Finally Nifty has filled the gap which is missed 2 times. The first was 30 April and second, we have seen on 1st June. This area is major support now. the range is 9590 to 9690. Look at the chart and we will see that there is nothing wrong and the market follows technical beautifully. Given correction from Harmonic PRZ area and it was a dot reversal and bounce exactly from channel support and from 0.50 fib retracement. 10400 to 10600 is the most important level to watch in the next couple of weeks. If Index sustains above 10600 then there is high chances to make a new high which is 11000-11200.
Resistance: Intraday Resistance is on 10000 Mark. The key Resistance area is 10400 to 10600.
Support: Intraday Support is lower than in 9820.
Trade Setup
==============================
Long: Long Position can build from 2 places. The first level is above 10000. If you see a gap down and Index test 9820 to 9850 then risky traders can Open a long Position from this level also
Short: Build a short position if the Index breaks Intraday support. Confirmation is lower than in 9800.
Note: 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
Hope you guys have made some funs in this weekend. Market Behavior is hard to understand these days. right? Well, It's not if you stop following the news and focus on the technical only. The market is very strong since June 1 and working perfectly as per technical. We are doing mistakes and reading a lot of news for economic crises and corona patient numbers and make the view that the Market will react badly but this is not happening. Is this a Bear Trap? Yes, this is a bear trap and the market is not going to stop until Sjorter views not changed OR until they will not exit.
Conclusion: Stop Predicting the market on news bases and trade with the trend. Let's talk about the Key Factor for today's Trade Setup.
Key Factor
=================================
1- SGX trading on 9811 which is 175 low from Friday high. 100-150 gap down is possible today.
2-PM met senior ministers and officials to review the situation and instructed them to undertake “emergency planning” in the worst-affected states and urban centers, particularly in the national capital. The review came a day after the Supreme Court rapped the Delhi Govt over the “horrendous, horrific and pathetic” situation in the national capital.
3-FM said no late fee will be levied for delayed filing of GST returns by registered entities with Nil liability between July 2017 to January 2020.
4-PSBs have sanctioned loans worth Rs 29,490.81 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 14,690.84 crore has already been disbursed.
5-The RBI revised the supervisory framework for financial market infrastructure and retail payment systems. This is owing to the bigger role the payment entities have been playing in the last few years.
6-India's Covid-19 death toll crossed the 9,000 marks on Saturday with a record daily increase making it the world's ninth-worst hit nation in terms of fatalities. The tally of confirmed cases also saw the biggest one-day jump of over 12,000 and reached 311,000.
7-Dow slip again. Trading on 390 Points down from the previous closing.
Technical View
====================================
Finally Nifty has filled the gap which is missed 2 times. The first was 30 April and second, we have seen on 1st June. This area is major support now. the range is 9590 to 9690. Look at the chart and we will see that there is nothing wrong and the market follows technical beautifully. Given correction from Harmonic PRZ area and it was a dot reversal and bounce exactly from channel support and from 0.50 fib retracement. 10400 to 10600 is the most important level to watch in the next couple of weeks. If Index sustains above 10600 then there is high chances to make a new high which is 11000-11200.
Resistance: Intraday Resistance is on 10000 Mark. The key Resistance area is 10400 to 10600.
Support: Intraday Support is lower than in 9820.
Trade Setup
==============================
Long: Long Position can build from 2 places. The first level is above 10000. If you see a gap down and Index test 9820 to 9850 then risky traders can Open a long Position from this level also
Short: Build a short position if the Index breaks Intraday support. Confirmation is lower than in 9800.
Note: 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
Trade closed: target reached
Nifty low 9628. Our Short position from 9800. Target Reach. Enjoy The profit
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