Possible rate-cut by RBI in its mid-quarter monetary policy review meeting on 18th June after dismal IIP growth (0.1% v/s 3.5% m-o-m whereas experts expectation was 1.08%) and S&P's warning for downgrade to India's Investment made Nifty to close at 5115.90 with a huge gain of 61.80 points. Major events that have to watch is Inflation Data for May on 14th June.
For today, WATCH 5127-5133 AND 5149 (200 DEMA) CAREFULLY. IF NIFTY ABLE TO CROSS WITH VOLUME, THEN NIFTY WILL HIT 5200 IN VERY SHORT TERM WHEREAS ON THE DOWNSIDE, BELOW 5100, NIFTY MAY POISE TO HIT 5000 AND 4960-4970.
From options data (Read OI analysis page),,highest options base has been shifted to 4800 & 4500 put and 5200 & 5100 calls. As of now, for June series, 4760/4800 may act as support and 5182/5220 may act as resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
