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A rollercoaster week for investors, but the bulls were able to gain the upper hand. Benchmark indices closed with handsome gains. Benchmark indices such as the Nifty and Bank Nifty managed to hold above the previous swing lows of 33,000 and 15,700 respectively, before trading in a range thereafter. Much of the May series witnessed strong pressure for both benchmark and sector indices. However, towards the end of the series, the indices rallied, one has to wait for confirmation to come to a conclusion.The first week of the June
series is expected to remain volatile as the Nifty may fail to stay above
16425 levels. Options data suggests that 16000-16200 is likely to act as an
immediate area of support. Once the index closes above 16425, it can quickly
test the 16550 to 16650 levels. Once the index closes above 16,420, it can
quickly test 16,600-16800 levels. Outlook for June series remains range bound
to slightly positive until Nifty trades above 15800. This is where the 89 week
EMA and Ichimoku cloud support will be placed. Once the Nifty closes above
16425 levels, it can see another boost towards 16600-16800 levels. Bank
Nifty saw strong outperformance towards the end of the series, led by improved
performance from heavyweights like HDFC Bank, Kotak Mahindra Bank, ICICI Bank,
and Bank Nifty saw strong outperformance towards the end of the series, led by
improved performance from heavyweights like HDFC Bank, Kotak Mahindra Bank,
ICICI Bank and Axis Bank. The structure of these stocks remains strong and dips
are expected to be bought. However, the index has moved well above its
immediate breakout area of 35000, suggesting momentum is cooling near
34500. Traders can keep IndusInd Bank on the radar. The stock is currently
consolidating and a close above Rs 930 will open avenues to Rs 980-1000 levels.
