NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 18 JUN 2020

Bears tighten their grip on D street & took nifty below 9900 mark. Markets were trading with slight cuts in the final hour of Wednesday's volatile session as investors remained cautious amid geo-political tensions between India and China at the Ladakh border. The Sensex was trading around 33530 level, down 66 points. The sensex shot up to 33900 and fell as much as 33333 intraday in wild swings. The Nifty also slipped below 9900 levels after hitting a high of 10003 intraday.
The Nifty closed the day below 9800 and formed a bearish candle on daily chart. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 9800–9700 zone. For the time being, strength in the index shall not be expected unless it closes above 10000 levels. Traders should avoid long positions and look for some signs of stability around 10050 whereas existing shorts should be squared off if the Nifty fails to close below 9900 in the next trading session.

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Resistance: 10000, 10200

Support: 9800, 9700