nifty trading strategy for next week

Synopsis

On Friday, Nifty 50 formed a small-bodied bullish candle on the daily scale and also formed its second-highest close ever. Nifty as wel formed a bullish standard candle on the weekly scale A it regained from the previous week's decay.

Motilal Oswal Commercial enterprise Services

Cracking Outlook

Psychoanalyst: Chandan Taparia, Derivative danAMP; Technical Analyst, MOFSL.

The Nifty index opened positive on Friday. After seeing some initial pressure, the index cured from its intraday low of 15772 levels. It moved in the positive territory and ended with a gain of around 60 points on Friday. Nifty 50 formed a miniature-corporate bullish candle on the daily descale and also formed its irregular-highest close ever. Nifty also formed a bullish candle connected the weekly scale as it regained from the previous hebdomad's decline. Now, it has to hold above 15800 zones to witness an prepared move towards 16000 and 16200 levels, while on the downside, support can be seen at 15700 and 15600 levels.

Stocks (spot levels):

Scrip Refer	Reco.	CMP	Target	Stop Loss	Studies
SBI	Buy	428	448	418	The stock came out of its range on the daily frame with accrued volume and the bullish signal from the mechanical indicator.
Tata Steel	Buy in	1165	1220	1135	Price volume breakout happening the daily frame after winning support at its 50 DMA.
Cummins India	Buy	858	900	838	Surpassed its 50 DMA with gamey volume and has been forming higher lows from the last four weeks.
Aditya Birla Fashion	Buy out	221	235	214	Price volume breakout on the every day frame and optimistic price action Acts of the Apostles As a base for further up movement.

Derivatives
India VIX fell sharply by 11.47 per cent from 15.09 to 13.36 levels. The fear judge failed to move out above 16-16.50 levels in the last three weeks and hovered near its worst levels in the next-to-last 17 months. Let down volatility indicates an overall bullish bias but a small bounce in VIX could give some volatilizable cues to the market.

Since IT is the beginning of the current serial, options information is scattered at different strikes. On the options front, maximum Put OI is at 15500 followed by 15000 strikes, while upper limit Call OI is at 16000 followed by 16500 strikes. Call writing is seen at 16400 and 16500 strikes, while Put writing is seen at 15800 then 15400 strikes. Options information suggests a wider trading home in between 15500 to 16200 zones, piece an immediate home in 'tween 15700 to 16000 levels.

Bank Nifty opened convinced and moved to the north passim the day. Banking stocks took the index to 35491 levels and healed the losses of the last week. It formed a Bullish candle on the daily scale and a Bullish engulfing candle on the weekly entrap. Now it has to hold above 35250 levels to act upon up towards 35750 and 36000 zones, while happening the downside, corroborate exists at 35000 and 34750 levels.

Nifty trading strategy

Bull CALL SPREAD: +15850 CE - 16000 CE (01st July 2022)

BUY 1 LOT OF 15850 Out in 97
SELL 1 Tidy sum OF 16000 CALL at 32
NET Superior PAID: 65 POINTS
Suppress STOP LOSS OF NET PREMIUM OF 20 POINTS: RISK OF 45 POINTS
KEEP TARGET OF NET PREMIUM OF 145 POINTS: REWARD OF 80 POINTS

Principle

The major trend is constructive and declines are existence bought into.
Put to sleep writing is intact at immediate strikes which could provide subscribe to the market on any declines.

Forex commercial
Analyst: Kishore Narne, Head – Currency danamp; Commodities, MOFSL

USD/INR Position: The pair will remain in a higher cooking stove for the short term!

CMP: 74.22
Target: 74.75
Stop Deprivation: 73.50
Sell: The couplet is likely to continue its positive move and it looks to target 74.75. Equipotent support is placed at 73.50. Buying around 73.95 wish be recommended in the short term.

Resistance	74.55	74.75	74.95
Support	73.95	73.70	73.50

GBPUSD Status: The pair is in all probability to remain in negative soil for the short term!

CMP: 1.39
Mark: 1.3650
Stop Loss: 1.41
Trade: The pair is likely to trade with a negative bias in the truncated-term and selling on the rise around 1.3965 is advised targeting the 1.3650 mark. But our oblique will negate if the price breaks above 1.41.

Re sistance	1.3965	1.4025	1.4100
Sustain	1.3835	1.3750	1.3650

Commodity Calls:
Analyst: Amit Sajeja, VP- Commodities, MOFSL

Commodity	Switch over	Trade
Metallic (Aug)	MCX	Buy about Rs. 46400 Plosive consonant expiration: Rs. 45650 Target: Rs. 48000
Unanalyzed Oil color (July)	MCX	Buy around Rs. 5370 Stop loss: Rs. 5220 Target: Rs. 5650
Fuzz (July)	MCX	Buy around Rs. 713 Stop loss: Rs. 701 Target: Rs. 742
Chana (July)	NCDEX	Buy around Rs. 5100 Stop loss: Rs. 4950 Target: Rs. 5350

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions open here do not reflect the views of www.economictimes.com.)

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