In July series Nifty is probably going to start a fresh bullish run

Since the gap up opening in Nifty on June 15th, triggered by the ceasefire on the war front, it has entered a consolidation zone following an ABCD pattern within the 23800-24250 range. From June 15th to the present, Nifty has experienced two upward movements, encountering resistance around the 24200-24250 mark, and two downward movements, finding support near the 23800 area.

On July 1st, marking the beginning of the new July trading series, Nifty likely initiated a 5th wave upward, though it hasn't yet shown enough strength to confirm a bullish trend. The MHAF chart displayed a new bullish candle, but the buy trigger for the day at 24,138 has not been surpassed. The sell trigger was positioned at 23,790, which was considerably distant, indicating the current dominance of the bulls.

In the trading session on July 2nd, we anticipate that Nifty will close above the day's tentative buy trigger set at 24113. Should this occur, we intend to take a long position on Nifty futures and short a suitable out-of-the-money call option. However, if Nifty unexpectedly declines, we will consider going short below 23800.

Cheers and happy trading.