MARKETS FOR MONDAY 24TH JUNE

ON FRIDAY 21ST JUNE NIFTY SPOT  HAD CLOSED THE WEEK AROUND 5667 AFTER MAKING A DAY HIGH OF 5686 & LOW OF 5624… THESE LEVELS ARE LOWEST LEVELS FOR BOTH THE MONTHS OF MAY & JUNE THIS YEAR.   ALTHOUGH AT THE WORST CASE NIFTY SPOT MAY FALL TILL  10TH APRIL LOW OF 5477 TO COMPLETE THE 4TH SUB SUB WAVE FLAT (AS HAD BEEN EXPLAINED IN ELLIOTT WAVE BELOW EARLIER) BEFORE RESUMING THE UP MOVE  ( IT COULD  BE SLIGHTLY ABOVE IT  TO BOUNCE UP AFTER DISAPPOINTING THE WAITING BUYERS OR MAY BREACH 5477 TO TRIGGER STOP LOSSES), YET THE FACT THAT NIFTY SPOT ON FRIDAY 21ST JUNE  HAS BOUNCED UP AFTER TESTING THE SUPPORT LINE AROUND THE DAY LOW OF 5624 ( THE SUPPORT LINE COMING FROM  26TH JULY 2012 LOWS OF 5032 & JOINING 10TH APRIL 2013 LOWS OF 5477), THERE IS EVERY POSSIBILITY THAT AFTER  A RETEST OF THIS SUPPORT LINE NIFTY SPOT MAY BOUNCE UP AGAIN..

 A DECISIVE BREACH OF THIS SUPPORT LINE AROUND 5616 TO 5624 SPOT BY HAVING A DAY OR TWO OF DAILY CLOSE BELOW IT,  WILL SEE THE BULLS BEING WHIPPED LEFT & RIGHT  BY THE CHASING BEARS  TO BE SHUNTED AWAY TOWARDS 5555 INITIALLY FOLLOWED BY THE EXPECTED LOW OF 5477 SPOT LEVELS BEFORE THE BEARS CALL IT ENOUGH IS ENOUGH  FOR HE RESUMPTION OF THE MEGA BULL RUN. THE WEEK  AS
WELL AS THE  MONTH ENDING 28TH JUNE  IS HIGHLY CRITICAL FOR NIFTY  THAT WILL DECIDE  WHETHER NIFTY WILL SLIDE TO RETEST & BREACH 10TH APRIL LOWS OF 5477 OR BOUNCE UP TOWARDS MUCH HIGHER LEVELS. IN ANY CASE AS LONG AS SPOT NIFTY CONTINUES TO ROMANCE WITH THE BEARS UNDER THE SHADOW OF 200 DAY EMA AROUND 5767 EVERY RISE TOWARDS IT OFFERS GOOD INTRADAY SHORTING OPPORTUNITY. A DAY OR TWO OF CLOSE ABOVE THIS 200 DAY EMA AROUND 5767 MAY GENERATE GOOD AMOUNT OF SHORT COVERING TO PROPEL NIFTY SPOT TOWARDS THE NEXT DECIDING LEVEL OF 5863 SPOT ABOVE WHICH BULLS WILL RULE THE MARKETS,  BUT TILL THIS HAPPENS BEARS MAY BE THE  WINNERS. 20TH JUNE OPENING GAP HIGH OF 5753 SPOT LEVELS  OR EVEN A 30 MINUTE CANDLE CLOSE ABOVE 5707 SPOT SHOULD BE GOOD ENOUGH TO PUNCTURE THE  OVER EATEN TOMMY OF THE BEARS.

FOR INTRADAY TRADING OF NIFTY FUTURES ON MONDAY 24TH JUNE,  ALL ATTEMPTS MAY BE MADE TO PULL NIFTY DOWN TO RETEST FRIDAYS LOWS OF 5614 FUTURE LEVELS. ON FRIDAY 21ST JUNE NIFTY FUTURES HAD CLOSED AROUND 5668 & AS LONG AS THE FUTURE LEVEL OF 5628 TO 5622 IS NOT DECISIVELY BREACHED BY A CLOSURE OF A 30 MINUTE CANDLE BELOW THIS  ZONE, THERE IS EVERY POSSIBILITY OF A GOOD PULL UP TOWARDS HIGHER LEVELS SIMILAR TO FRIDAYS SPURT  WHEN NIFTY FUTURES AFTER MAKING A LOW OF 5614  MOVED UP TO TEST THE 30 MINUTE PARSAR AROUND THE DAY’S HIGH OF 5676. IN CASE NIFTY FUTURE  FALLS BELOW THE ZONE OF 5628 TO 5622 THEN THERE IS EVERY POSSIBILITY OF  FURTHER DIVE TOWARDS FRIDAY’S LOWS OF 5614 TO 5608 LEVELS TO THREATEN THE PSYCHOLOGICAL 5600 WHICH MAY GIVE UP TO SEE NIFTY FUTURES FALLING TOWARDS NEXT SUPPORT OF 5588  FOLLOWED BY  5573 OR EVEN 5555 FUTURE LEVELS.

SIMILARLY ON THE HIGHER SIDE, NIFTY FUTURE  MEETS INITIAL RESISTANCE AROUND 5676 TO 5682 LEVELS & SUSTAINING ABOVE THIS ZONE BY HAVING A 30 MINUTE CANDLE CLOSE ABOVE IT MAY CATAPULT NIFTY FUTURES TOWARDS 5697 TO 5707 ZONE. HEAVY SHORT COVERING WILL EMERGE ONCE NIFTY FUTURE  SUSTAINS ABOVE THE CRITICAL LEVEL OF 5707 TO SEE 5722 INITIALLY FOLLOWED BY TESTING THE 20 JUNE OPENING GAP HIGH OF 5737  DURING THE NEXT TWO OR THREE DAYS &  STAYING IN THE GAP ABOVE 5737 FUTURE LEVELS FOR LONGER PERIODS MAY SEND SHOCK WAVES  FOR THE BEARS TO INDULGE IN FURTHER SHORT COVERING FOR MUCH HIGHER LEVELS IN TO GIVE A RESPECTABLE CLOSING TO THE MONTH OF JUNE ON 28TH JUNE, A DAY AFTER THE EXPIRY ON THURSDAY 27TH JUNE WHICH MAY PRESS THE RIGHT TRIGGER FOR THE MARKET FRIENDLY MONTH OF JULY.   

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