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Nifty formed a long positive candle with a small upper shadow on the daily chart on June 16, 2023 to indicate a breakout to the upside above the 18,800 level and closer to a new high above the 18887 level. Nifty has been making higher highs for the past 12 weeks and forming a bullish candle on the weekly frame. Now it needs to stay above 18775 zones to see an upward move towards 18850 and 19,000 zones while on the downside there is support at 18725 and 18675 zones. The India VIX was down 2.17% from 11.08 to 10.84. Volatility dropped, supporting the bulls at record high index levels. Options data points to a shift of a broader range between the 18550-19000 zones and an immediate range between the 18700-18900 zones. Both Nifty and the hourly chart's RSI were able to observe a bullish triangle pattern that is able to sustain the strength. The MACD is seeing a bullish crossover which may give the index an additional boost going forward. Nifty traded within striking distance of its lifetime highs, closing comfortably above 18,800, which could push the index towards 19,000 in the coming days. Bank Nifty attempted to reverse the head and shoulders pattern formed on the daily chart on Friday. Once it breaks through 44300 and closes above, this pattern loses meaning. The 43600 puts sold at monthly expiry in June proved strong support for this index. Traders should hold onto bullish spreads and bullish positions for the next week and also look to open bullish short straddle positions in the money with compensation for next week's expiry.
STOCKS SUGGESTION TO TRADE ON 19 JUNE 2023
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