New series begins more on a neutral note…A range bound month ?!

New July series started with a strong gap up and tested the levels of 5700 before ending the day at 5627, below the expiry value of 5647 for the June series.

Overall, it looks like July series could be range bound between 5558 and 5750 levels. The PCR is at 1.22 which is a bullish sign. The Implied volatility of calls (15.2) is less when compared to that of puts (18.4) which also points to mild bullish move. After a non-stop rally of almost eight consecutive sessions, Nifty halted yesterday.
The key levels remain the same.
Resistance levels : 5685, 5704, 5751

Support levels : 5606, 5584, 5558

-Happy Trading

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