NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 8 JUNE 2020

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A volatile trading session ended on positive note. The recent rally, seen globally, was based on expectations of economic recovery, post easing of lockdown measures.  In India, the cases continue to rise and the markets seem to be ignoring this, for the time being, giving more priority to the news of the economy opening up. The overall market mood now has turned positive with the restriction on lockdown being gradually eased by the government across the country. Also, investor’s confidence is seen improving and most feel that worse is now behind us and the period of wait-and-watch is over for now.  Market ended on positive note amid volatile trade seen on June 8 with Nifty above 10150 level. At close, the Sensex was up 83 points at 34370, and the Nifty was up 25 points at 10167.

Technically, the down gap made by the Nifty on March 12 at 10334 is providing tough to be breached. 10060-10095 could be the support for the Nifty while 10400 could provide resistance.  We expect market would remain volatile. The index formed a bullish candle on the daily scale and needs to hold above 10100 to extend gains towards 1350, and then 10500 -10700 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 10000 and then 9800 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 9500. 

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Resistance: 10400, 10500

Support: 10000, 9800