TRADE IDEA ON POWERGRID FUTURE FOR 24 JUNE 2016

YESTERDAY’S BIOCON NEARLY TOUCHED FIRST TGT MADE HIGH OF 897

 “BUY POWERGRID ABOVE 184 TGT 186/188”

“SELL POWERGRID BELOW 180 TGT 178/175”

POWERGRID is likely to continue the upside move in near term with the crossing of the resistance level of 185.50, now the stock is accumulating below the resistance mark of 183.50, with the crossing of the resistance level as the stock is sustaining above its 200 and 50 days moving averages with the RSI of 65. One may initiate the long position above the mentioned level for the targets of 188. Breakout of its resistance level may show recovery in it where traders can expect targets of 185 and 188 while major support of 180 can be placed as technical stop loss.

Hold Long Positions In Nifty UNTIL IT HOLD 8595

Today, Sensex ended with a gain of mere five points at 27,990. The Sensex opened at 28,013 touched an intra-day high of 28,029 and low of 27,854.The Nifty closed with a gain of three points at 8,632. The Nifty opened at 8,628 hitting a high of 8,639 and low of 8,580.. Technically,  Indian Stock Market is in positive trend. Now BankNifty needs to hold 19211 levels on Intraday basis and 19166 on closing basis. If BankNifty closes below 19166 levels then a sharp breakdown would be seen in the market. Until then traders can hold long
positions in BankNifty. Nifty would enter into negative zone if it closes below 8595 levels. Traders are suggested to hold long positions until  predicted changeover levels hold by the closing. If Nifty and BankNifty breaches(19166/8595) levels by closing, traders can initiate fresh short positions and wait for market to see a breakdown. Huge volatility is expected in a rangebound region as market is near F&O Expiry.

TOP GAINERS: TCS, Infosys, Adani Ports, GAIL and Asian Paints

TOP LOSERS:  Bajaj Auto, NTPC, L&T, ITC, Sun Pharma and Hero MotoCorp