NIFTY

As I mentioned in my last blog, NIFTY may hit 9600 as NIFTY was above all important Moving Averages which showed a strength.
9600 looks like a resistance to me, NIFTY closed exactly at 9580.
Now, when there is no good news in the market as of now, instead border tension with CHINA is going on and SGX NIFTY closed below 9500 on Friday, NIFTY may take a breather on MONDAY.
Though, I have shared a range for NIFTY Jun 1st Week range 8400 - 9400, still I will not be surprised if NIFTY will close above 9400 on Monday.
Highest OI on CALL side is on 9500 - 1.5 Million however, it is already crossed. And Highest OI on PUT side is on 9200 - 2 Million followed by 9400 - 1.5 Million.
Hence NIFTY may take a turn from 9580 to 9400 on Monday.

Conclusion

NIFTY should correct the price and closed above 9400 on Monday.

Stock is currently trading at 138.85 ended up in Green however with decreasing volume from past three days.
Stock is above all major Simple Moving Average of 5,10 & 25 however closed above Bollinger Upper Band.
Closing above Bollinger band shows high price which should correct now.
One should look for a shorting opportunity on the stock.

CMP 138
Target 141

Stop Loss 130

HDFC BANK is in a great supply zone of 950.
900 - 950 level is a range where stock gets into sideways.
Stock was in upward movement from last 5 days.
It has been observed from last few months, HDFC BANK falls on every 1st day of the month.
Hence, stock should correct the price now from 950.
One should look for a selling opportunity on the stock.

CMP 951
Target 950

Stop Loss 960

You can visit NIFTY & STOCK IDEA for previous Idea's. You can also Learn TECHNICAL ANALYSIS and start trading by your own