The US Fed kept rates unchanged which has provided some short-term relief for the global markets but a hawkish stance in commentary may limit the significant upside for markets in the short term. For Nifty, we can expect the current rally to extend towards 19194 before we see central profit booking.

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We expect major bullishness to reinforce on a move above 18720 with immediate target of 19000. The lower reading of India VIX of around 11% mark suggests excessive put writing in system which may also act as key catalyst for Nifty journey towards 19500 in near term.

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For Nifty, the weekly candlestick has turned out to be shooting star which indicates caution but with India VIX settling around 11 mark, it clearly suggests positive stance for the market in the coming days.

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At the current juncture, Nifty remains in critical juncture for a launch of major rally as spread of Nifty 50-Nifty 500 Index has formed small pennant setup near support leg of bullish Flag. The main reason for lack of sustainable up move has been due to laggardness of Giant Cap stocks, which are likely to gather steam in the coming days.

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The spread of Nifty 50-Nifty 500 Index has re-tested the support of bullish flag which may provide necessary cushion for Nifty 50 index to launch major rally towards 19285. For today’s trading session, 18750 in Nifty futures is seen as a major hurdle above which major short covering is expected till 18900.

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For Nifty, the setup of rising three methods in candlestick still remains active with potential target of 19285 and we expect major short covering on move above 18662. The lower reading in India VIX around the 11 mark is likely to act as a key catalyst for Nifty’s journey towards 19285.

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With formation of rising three methods on daily candlestick, Nifty has been positioned for major gap up opening in today’s trading session with immediate target seen at 19285.

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The last four days of consolidation has thrown up rising three methods on candlestick chart and any gap up opening above yesterday high i.e., 18580 should confirm major trend reversal back in the positive terrain with upside target placed at 19285 in the month of June.

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The key catalyst for the strong upmove in June may come from sharp drop in brent crude prices which has managed to settle below USD 74 a bbl. We expect 18508 to act as a strong support as it turns out to be breakaway gap for the recent upmove.

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The next leg of breakout may be witnessed above 18,750 in Nifty futures with the short-term target placed at 19,000. In today’s trading session, we can expect lower opening but buying support is expected to emerge around 18,580.

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