Nifty Analysis for 6th JULY 2023 Expiry

The Nifty index has displayed a positive trend for the past five days, and this momentum has continued for the last two days as it currently maintains its high position. Should the Nifty breach the level of 19437, there is a possibility of a significant upward trend towards 19550 and 19600. Conversely, if it falls below 19237, a decline towards 19196 and 18992 might occur. The market is anticipated to remain relatively range-bound between 19400 and 19200, with substantial momentum expected only upon breaching the aforementioned levels. As for the upcoming Thursday expiry, it is projected to be around 19375-19425. Option sellers can capitalize on this sideways phase by selling a straddle or strangle, and adjustments to positions should only be made if the stated levels are breached.