FinNifty weekly expiry analysis for 18/06/2024.

NSE:CNXFINANCE   Nifty Financial Services Index
FinNifty has been trading in a rising wedge pattern in the last week and has closed around the resistance levels.

Tomorrow is the weekly expiry of the index and chances of a trending move is there as the market has consolidated in a narrow range.

In the last trading session, finnifty has consolidated in a 40 points range after the hour of trading.

Markets were close for 3 days and probability of a gap up/down are high. If there is a flat opening in the range, break out or break down can be traded as there the market scenario.

If there is a gap up opening, let the market retest the resistance levels (now acting as a support zone) and entry once the the market cross the day high can be made.

Support levels :- 22280, 22190
Resistance :- 22500, 22656

The VIX has cooled down and the option premiums are cheap. Watch for a trending market and adhere to the trailing stop loss strategy to capture the trend.

Wait for the price action near the levels before entering the market.


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