NSE:NIFTY   Nifty 50 Index
A tough fight between the bulls and the bears leaves the street hanging to decide on a clear direction. Major indices respecting the demand and supply zones and moving between the consolidated ranges, suggesting the markets awaiting some clear cues before it continues following its direction. As mentioned last week Nifty played out both the zones by respecting the 11625 levels for buyers and 11937 levels for the sellers. Nifty bank too eyed the 31752 levels to find fresh supply coming in.

Going forward Nifty turns slightly bearish with first supply zone coming in at 11841 with a stop loss of 11911. The next one comes at 11959 with a stop loss of 12000. Looking at demand zones, we have one at 11725 with a stop loss of 11651 and on a higher time frame we have one at 11426 with a stop loss of 11108. It is suggested that buyers as well and sellers could eye the above zones to pay their trades.

Nifty bank continuing to face selling pressure at all levels, now has a well-defined range which one could look to play. The supply zone comes at 31512 with a stop loss of 31752. This level again marks the all-time high for Nifty bank. However on the lower end we have a few demand zones which it may look to get some support from. The first demand zone comes at 30853 with a stop loss of 30766. The next one comes at 30680 with a stop loss of 30451. On a higher time frame we have a demand zone at 29559 with a stop loss of 28525.

Going forward the street would await the Budget which is to be presented on Friday 5th July, 2019. Global factors relating to the trade war seems to easing a bit and USA and China have agreed to sit back at the table once again. Iran negotiations however seem to be cause some worry in the weeks to come. A hanging sword currently for the Indian markets, the NBFC issue seems to be rising and is causing major nervousness amongst the traders.

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