Nifty Outlook by Epic Research

Nifty bounces back to 11900 levels and closes with confidence near the day’s high as expiry play turns a trap for bears. A bounce back was seen from lower levels as buying emerged and key indices that have higher weight were seen contributing largely in this pullback.

It was a day for blue chips that led to recovery which included stocks like HDFC Duo, Infosys, TCS, Kotak bank, Reliance and other bluechip stocks.
The support placed at 11850 – 11860 worked as an inflection point as it was also a previous swing high and further a point of control for bears. This did favour the bearish sentiments in the last few weeks every time it was tested but bulls happened to hold on to it this time and the recovery was seen in prices.

Amid negative global cues, the relief for traders was the decline in volatility which was up in the last few days. The sudden drop also worked positively for the market.

It was an expiry play and now the eyes would be position built up in June series. The rollover numbers were rather low and lower than their recent monthly average. Nifty with 59% and bank Nifty with 71% shows much lower rollover for Next series.

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Posted in: Indian Market Tips