FinNifty weekly expiry analysis for 18/06/2024.
FinNifty has been trading in a rising wedge pattern in the last week and has closed around the resistance levels.
Tomorrow is the weekly expiry of the index and chances of a trending move is there as the market has consolidated in a narrow range.
In the last trading session, finnifty has consolidated in a 40 points range after the hour of trading.
Markets were close for 3 days and probability of a gap up/down are high. If there is a flat opening in the range, break out or break down can be traded as there the market scenario.
If there is a gap up opening, let the market retest the resistance levels (now acting as a support zone) and entry once the the market cross the day high can be made.
Support levels :- 22280, 22190
Resistance :- 22500, 22656
The VIX has cooled down and the option premiums are cheap. Watch for a trending market and adhere to the trailing stop loss strategy to capture the trend.
Wait for the price action near the levels before entering the market.
Tomorrow is the weekly expiry of the index and chances of a trending move is there as the market has consolidated in a narrow range.
In the last trading session, finnifty has consolidated in a 40 points range after the hour of trading.
Markets were close for 3 days and probability of a gap up/down are high. If there is a flat opening in the range, break out or break down can be traded as there the market scenario.
If there is a gap up opening, let the market retest the resistance levels (now acting as a support zone) and entry once the the market cross the day high can be made.
Support levels :- 22280, 22190
Resistance :- 22500, 22656
The VIX has cooled down and the option premiums are cheap. Watch for a trending market and adhere to the trailing stop loss strategy to capture the trend.
Wait for the price action near the levels before entering the market.
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