We would like to bring it to the notice of the followers of this blog that we were almost exact in predicting the probable support and resistance of the benchmark index on Friday the 21st June 2013. We had predicted the support of 5616; the actual support being 5616.85 and the actual resistance was at 5686.15 against our predicted resistance of 5688.
The future and options of June series will expire on 27 June 2013, it being the settlement date. The settlement date being just four sessions ahead, the market may tend to behave somewhat erratically. That being said, the Nifty continues to be bearish possibly headed towards the 5558 mark with immediate intra-day supports at 5659, 5643 and 5627. However, if on account of the triple witching week, the benchmark trades above 5659 mark conclusively then it will meet resistances at 5698, 5726 and 5769. However, if Nifty manages to conquer the 5769 mark then a bout of short covering may see it turn bullish.
Traders are advised to strictly keep the above key in mind and trade accordingly with strict stop losses and square off their position before the session ends. They may however create hedges ie bullish and bearish positions for the July series depending on whether the trades are in short or long side respectively.
Mid term investors may continue to bid the stocks we had specified at the prices indicated in the earlier post.
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