Trade setup for 24th June

  1. On Thursday it was clear trending day and it gave hopes that we may move to 12000 again.
  2. But on Friday, that hope was lost.
  3. Monsoon looks to be as expected.
  4. The surprising thing is that markets are falling after a stable government is formed.
  5. So the pre-election result rally had factored and was overvalued.
  1. We have another 4 days for this series. So 12000 may not happen. I am not expecting much on the downside as well.
  2. So, not taking many positions till budget. Will trade aggressively after the budget.
  3. I am expecting some stimulus for the auto and the real estate sector. Keeping an eye on beaten down autos like Maruti etc
  1. The US closed in red on Friday. There was some tension between Iran as they shot some drone.
  2. Europe also closed in the red.
  3. Today morning, Asia is mixed and slightly in the green. SGX suggests that we may open in green.
  4. The confidence will return when nifty closes above 11850.
  1. Crude is increasing. It increased by 10% last week. There are rumours that the US may put sanctions on Iran.
  2. The crude which had entered the bear market is not back to the bull market.
  3. $ is still within 70. World politics will decide the movement of these components.
  1. FII sold for 730 cr and DII bought for 455cr
  2. On Thursday when nifty rallied, not much action was done by FII and DII.
  3. On Friday when the market fell, FII has sold more. So better to wait for the budget to provide more triggers before taking any trade.