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Trading Setup – June 24th 2020

In this post we detail the trading setup/plan for June 24th 2020 based on the market structure and activity on 23rd June 2020.

Market Profile Activity:

Value Shift : Higher

POC shift : Higher 10404

Value Area : 10434-10404-10349

Open : within previous VA

Open auction : OAIR

Day type : Normal variation (Trend continuation)

IB : 10379-10299

Presence of OTF : 10294-10324 (Buying).

Key references for 24th June 2020.

Sustaining above 10434 can continue the momentum of bulls and lead to test of 10750 in 1-2 days.

10294-10324 is an important support for the short term and 10404-434 is the immediate support.

Trade setup.

Buy pullbacks above 10434 for higher levels

Sell retracements below 10404 for 10294

Participant wise Open Interest activity

Put selling by smart money and call selling by retail.

Important zones to watch out intraday tomorrow for buying/selling

10404-10434 – Buying in this zone means a positive day and selling in this zone can lead to a negative day.

10340-10355 spot minor buying support.

10294-324 strong support.

No visible resistance on UPSIDE, gap fill at 10827 spot.

Important option strikes to watch out intraday tomorrow for clues on market direction.

10500 CE – for identifying if the market will sustain above 10500

10400 PE – for identifying if the market can crack below 10400.

Most of today’s writing in this PE is at Rs.90-110 levels

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