NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 28 JUNE 2022

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The bulls maintained momentum for the third straight session as buoyancy in global markets boosted sentiment. The rally was led by IT stocks, which had been relentlessly sold off in the recent sell-off. While the turnaround in sentiment comes as a major relief, the optimism could linger for a few more sessions before the market turns volatile on worries of a slowing global economy due to interest rate hikes and continued outflows of foreign funds. The Nifty crossed the 15700-15800 hurdle zone with a gap opening. However, the index failed to build on early gains and found itself in a consolidation mode after the positive start. Falling inflation expectations and the easing of COVID-19 restrictions in China, which boosted global commodities, helped calm global market sentiment. Nifty won for a third consecutive year on June 27, but gave up some gains throughout the day. At the end, Nifty was up 132 points to 15832. Volumes on the NSE remain low, suggesting traders are unconvinced to make a big bet. Nifty has entered the 15875-16175 down gap area in the current uptrend but has so far been reluctant to build on gains. 15925-15625 could be the range for the Nifty in the near future. Currently, the market is trading near its key resistance level and the chart structure suggests that there is a strong possibility of a quick intraday correction from the current levels. For day traders, 15850 and 15950 would act as immediate resistance levels. Below that, the corrective wave is likely to continue to 15750-15650. On the upside, the index could rally to 16000 above 15950 breakouts. Contra traders can place a long bet near 15750 with a strict support stop loss of 15650. Moving forward, the index may stretch higher before experiencing a brief consolidation near 15650 -15850. On the higher side, the Nifty is expected to test the crucial psychological mark of 16000, where there is also 20-DMA. The overall structure shows that the reference index can trade sideways to bullish in the short term.

Resistance: 15850, 15950, 16050

Support: 15750, 15650, 15550