Bank Nifty (June) :Near Term Range (17000-18000) Or (17000-16000) ?

Technically, for BNF (LTP: 17503), next hurdle is 17540-17575-17625 zone. Sustain above 17625, immediate target of BNF may be 17700-17870 zone. Consecutive closing above 17870-17912 zone, it may further scale to 18020-18290 in the near future under bullish market conditions.

On the downside, sustain below 17490, it may fall immediately to 17437-17372 & below that  17320-17286 zone. Consecutive closing below 17286, BNF may fall further to 17200-17135-17050 & 16970-16800 zone in the near term under bear case scenario.

Bottom Line : Technical Trading Levels 

BNF-JUNE	LTP	17503
SD/SL=+/-	25 POINTS	FROM SLR
			T1	T2	T3	T4	T5	SLR
Strong >	17540	17575	17625-700*	17761-870	17912-955*	18020-081	18195-290	<17490
Weak <	17490		17437-372	17320-286*	17204-135	17050*	16970-800	>17540

For our market, last Friday evening's CPI (inline@5.01%) & IIP (above estimate@4.1%) data could be helpful and capital goods sector & private banks may see some action. PSB(s), being continuously downgraded, may see some pains, but helping hand from Govt. could limit the damage going forward.

Also "not so bad" actual monsoon & its distribution as just stated by IMD, could bring cheers to our market. WPI data, which will be released in the noon today may also bring some clarity about overall trajectory of inflation in India. 

Globally, all eyes will be on the ongoing Greece saga & as par latest report, Sunday's meeting was lasted just for 45 mins & next important meeting may be on 18-th June to consider various "Game theory" of Greece. 

Also, FOMC meeting & press conference will be on 17-th June and Fed Fund Rate (FFR) indicating 30% probability of Sep'15 lift of by Fed (of course with lots of caveats)----let's see what madam Yellen delivers (dovish or hawkish) among Greece concern & inflation outlook and strong dollar in US. She may simply choose to wait for more data in the coming months to gain confidence for a clear (??) path of Fed rate action.