NIFTY & STOCK VIEW - 4 JUN'20

NIFTY

• NIFTY opened at 10108 with a gap up and made a high at 10175.
• Closed in red at 10068 forming a Doji Pattern which is a reversal pattern technically.
• Above 9900 NIFTY has given a break out from the Novel CORONA Virus Fear in the market.
• Trend for the NIFTY is Bullish till the time NIFTY is above 9700 Level.
• However, 10200 is psychological resistance and beyond this 10282 will the next target.
• NIFTY FUTURE for JUN'20 Series is now trading at premium which means, call sellers are now thrown out from the market.
• May be now FII will press the sell button up to some extent.
• Hence, NIFTY can show some correction from here or consolidate now after making a reversal candle today. 

STOCK IDEAS

1. M&M Finance

• Stock is currently trading at 155 with above than average volume.
• Stock has made DOUBLE BOTTOM on 127 and 140 price.
• It is showing good volume on Daily charts.
• Now trading above major moving averages and just above the Middle Range of Bollinger Band.
• It is a good buying opportunity for short term trader.

CMP             155

Target          181

Stop Loss    140

2. Ajanta Pharma

• Stock is trading at 1436 and closed below all moving averages on Daily Time Frame.
• It has also closed below the Middle range of Bollinger Band which shows weakness the stock.
• Stock is also trading below the resistance level of 1457.
• Weekly and Monthly chart of the stock are negative.
• One can short this stock for a good gain.

CMP             1436
Target          1394

Stop Loss    1457

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