SENSEX 84000 PUT 1 JUL EXPIRY SELL ENTRY AT 575. TARGET 425, SL 620.

SENSEX 84000 PUT 1 JUL EXPIRY SELL ENTRY AT 575. TARGET 425, SL 620.

Market opened flat on positive bias. An immediate big move is overruled in the morning session. Hence, considering last swing support once can short Sensex 84000 PE around Rs.575 with a potential target price of Rs.425 with a risk above Rs.620. So, a risk of 45 points against profit points of 150.

Notably, Sensex closed firmly above the 82850 mark, highlighting bullish undertones in the market. The index continues to trade above all key short-term moving averages, with a widening gap between the price and the 50-day SMA showing strength. On a broader time frame, Sensex maintains its higher-high formation and is now comfortably sustaining above the 78.6% Fibonacci retracement drawn from the 52-week high and low, i.e.82863 underlining the dominance of the bulls. The daily RSI is placed above the 65 level, with a positive crossover in MACD, indicating strong internal strength. All technical facts poised for bullish momentum for the day, considering premium killing in Puts.