#NiftyFuture Weekly Trend For June 1st Week (01st-05th June 2020)

NiftyFuture last close: 9494.10

What I did written on 25th May about NiftyFuture weekly trend ?? Click here

I did mentioned boldly on 25th May, NiftyFuture trend line resistance at 9180 if manages above the level will be check 9400.

On Wednesday NF was broken 9180 then spiked up to 9340 and consecutive three day NF was shown strength up to 9510.

The NF made a strong comeback in the week that ended on May 29. Nifty and Sensex was rose up to 6% seen by fund buying!!

On Friday after market hours govt has released GDP data growth slows to 3.1% in Jan-March 2020.

But, This data is not covered the lock-down impact because lock-down was announced in the end of March month.

On fundamental side, Economic data is not good, New lock-down norms, Covid-19 spreading heavily, and Companies results also not fair…….So remain cautions only

But, In last three days seen huge fund buying in cash segment

FIIs has bought almost 8400 Cr worth of stocks whereas DIIs also bought 6360 Cr   in last 4 sessions!!

 The Monsoon is expected to arrival in Kerala on  1st June, If monsoon is normal its very positive news for economy.

Auto sales will declare on tomorrow, After washout in April month and May month reopening of shops in green zone area. So data will come positively!!

Major companies will declare their quarterly results this week. SBIN, LT, Britannia, Auropharma, BPCL, Indigo, and SRF.

 NiftyFuture was gained nearly 6% for the week, hence the chart formed bullish candle on daily chart as well as weekly chart.

FIIs was long 60% in Index future on Friday’s closing data was shown in NSEIndia

Now, NF chart indicates a resistance at 9560, Once if breaks and closes above the level

Then the rally may continue up to 9740 and 9880 (April month expiry day’s high)

Thereafter, NF will break 10000 mark…………!!

Suppose NF if not closes above 9560 and if breaks 9300 and closes below the level

Again bears may get upper hand……… and will check next supports 9160 and 8980

More live market update will send to my clients only

Updated : 12.06 PM . 31st May 2020