NIFTY witnessed a super up move on the monthly expiry on 25th May. NIFTY stretched down to 18207 and then hit 18300 in last minutes of closing. The last hour of the day witnessed a sharp reversal from 18213-18217, made a price action around 18245-18260 and then rocketed towards 18300 with finally crossing 18300 and hitting 18328 which was a speculated target according to the previous series. All that happened with CE buyers came happy sellers went upset.
With the first day of next month’s series and 1st June weekly expiry, NIFTY has given a closing just below 18500 with 178 points up move. NIFTY crossed a very crucial hurdle at 18425-18428 above which a positive momentum is well speculated and seen today. Though NIFTY tried to overcome the psychological resistance of 18500 but failed twice. The closing at 18499 is just hovering that resistance more in the positional trader's mind. But this is still a good closing for bullish positional trades.
If the momentum sustains in the upcoming week, then the ultimate target of 18771 could be seen on the NIFTY chart in June month’s series. Today, NIFTY closed well above the major resistance zone at 18425-18428 which might help the uptrend to sustain further. The next week’s hurdles will be defined by the price action of NIFTY trades but it seems possible that the bullish momentum continues above 18428 and NIFTY might witness 18771 again.
The bullish view negates if NIFTY would give day close below 18428 on any trading day which might open the market for a short fall till 18330. Crossing 18330 downside and NIFTY might witness 18285-18270-18240-18217. It is highly unlikely that NIFTY would break below 18200 from current scenario but a trader must remain cautious for any price action in any direction on a given day.
On the upside, crossing 18500 will pave the way for 18613-18687-18771-18886.
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NIFTY June Series Price Action Based Analytical Prediction
The reporter is not a SEBI registered analyst