Correction Over - Market Report #1
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Correction Over - Market Report #1

Market report - June 10, 2021. A quick update on the current market and direction.
Correction Over - Market Report #1

Hey,

Welcome to the first edition of the market report - please share your feedback at the end of the post.

Contents of this newsletter

  • A quote
  • Short Market Roundup
  • An intraday trade idea

Quote for today:

Trading doesn't solve your money problems—it amplifies it.

Market Report - June 11, 2021

  • Nifty and Banknifty closed near day's high on June 10, 2021. Thus, recovering completely from the crash on the previous day.
  • The market is still in a strong bullish mode. Till the trend changes, it's on buy on dips mode.
  • Nifty is at the resistance level of 15750, crossing it decisively today, will lead to short covering.
  • Banknifty has been lagging behind for quite some time. From the looks of it, we will see banknifty taking the charge now and leading this rally.

Important to know: Unless the market breaks down the low of June 9, it's in strong up move mode.

Nifty IT Index gave a breakout again, so IT stocks like TechMahindra, HCLTech & TCS are good candidates. (HCLTech chart will be shared in the premium newsletter today).

Trade Idea: ICICI Prudential

ICICI Prudential gave a breakout a few days back and then came back to retest the support area. Now, after sustaining on support yesterday, it looks ready to give an up move today - even ₹ 600 is possible in intraday.

ICICI Prudential Daily Chart - Trade setup
ICICI Prudential Daily Chart

The blue line ( 570) is the support price if you plan to go long.

Disclaimer: The views shared in this newsletter/post are my own and purely for educational purposes. You are requested to perform your own due diligence before you act on views shared in this post.