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June expiry may keep markets volatile this week

Given the small premium of 46-50, that the 10,850-CE governs, it would be worthwhile to buy it with possible targets around Rs 150-200 ahead of expiry, Pushkaraj Sham Kanitkar, AVP - Technical Research at GEPL Capital, said in an interview with Moneycontrol’s Kshitij Anand.

The last hour has seen market claw back the lost ground, in fact by closing up by around 5 points for the week. Nonetheless, the picture still remains pretty fluid.

These shadows in a way define the immediate barriers placed between levels of 10,701-10,893. The monthly candle too is currently seen forming an “Inside Month”, which would mean that one needs to wait for the market to move past the extremities for a clear direction.

The major momentum that the Nifty is deriving is coming out of strength in certain heavyweights. While earlier it was banks, and now the momentum has shifted to IT pack and Reliance Industries which have come to the rescue.

We had categorically stated in our earlier outlook as well, that the midcap-smallcap are a strict no-no, given the intrinsic weakness in individual stocks and in indices as a whole.

World shares rose on Friday but were set to end a second week lower amid intensifying worries over the fallout of a trade dispute resulting from U.S. tariffs, while oil prices were higher ahead of an OPEC meeting later in the day.

The MSCI All-Country World index, which tracks stocks in 47 countries, was up 0.2 percent in the European morning but down 1.3 percent on the week, its worst weekly showing since mid-March.

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