11 June 2018

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 12 JUN 2018

RELIANCE STRANGLE STRATEGY FOR JUN 2018 

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It wasn’t quite a Monday for the bulls, as volatility gripped the market! Sensex slipped 221 points from the day’s high to end at 35,483, up just 40 points. Nifty settled 19.30 points higher at 10,786. Market traded positively during most part of the day supported by favorable global cues. However, a consensus estimate of higher CPI inflation for May at 4.8 per cent and a caution ahead of FOMC meeting during the week influenced profit booking. On the other hand, progress in monsoon and positive outlook on rural economy will give some respite to equity in the near term.
Buy on dips the contract can then extend its rally and test resistances at 10900 and 10950 levels in the near term. On the downside, a decisive fall below key support at 10750 is needed to alter the bullish momentum and drag the contract down to 10735 and then to 10700 levels.
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Supports: 10750 and 10700
Resistances: 10900 and 10950

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