Nifty Future chart June Series :
Perspective : With two days to go for the June settlement and global markets pre-occupied with Greece, it will be foolhardy to draw more longer term inferences from current market action.
We will continue to focus on the immediate short term. Our views are valid only for today’s session.
BackGround : We spoke about 5558- 5563 as resistance to the day and 5501 as support yesterday. The markets made a high of 5558 and a low of 5491. The low of yesterday was the high from Friday which the market met before strong responsive buying emerged to take the market higher again.
Chart Speak :
1) A balanced profile where value was created in the value zone of Monday.
2) The proper trade set-up would be a break of value or range either side when the market finds balance in a 2 day range or more.
3) The POC at 5540 is important for the day bias today and longs would be safe above it.
4) Resistance will be at 5608 today.
