Nifty Technical Analysis

Hello Friends, On 27th June, monthly expiry day, nifty opened at 11860. During the day it touched high of 11911. Nifty washed out initial gains in the last couple of hours of trading session. Nifty failed to sustain above 11900 and corrected to hit intraday low of 11821 before closing flat at 11841. On daily chart, it has formed a bearish candle with long upper shadow which is similar to shooting star pattern. The pattern confirmation will come if nifty breaks 11820 on the down side and come under further selling pressure. 4th July weekly expiry option chain shows highest Call OI at 12000 and highest put OI at 11800 followed by 11700 levels. These levels should act as important resistance and support levels for the coming trading sessions. Due to upcoming budget on 5th July, we may see high volatility during the week. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of ne

Hello Friends, Today Nifty opened slightly negative at 11768. In the initial 10 Minutes, gained momentum and rallied above 11800. Through out the day, nifty remained range bound between 11840 and 11800. After 2 PM Bulls finally took charge to push nifty above 11850. It made high of 11871 before closing just below 11850 at 11847.55. On daily chart, nifty has formed a bullish candle ahead of Monthly expiry. However, It has not able to sustain above 11850 the range bound movement can be expected in coming sessions. 11800 Put strike has seen highest OI addition today which should act as important support. On the upside, 11900 to 12000 levels have maximum OI which shows important resistance. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. ---------------------------------------

Hello Friends, Nifty opened today at 11681 which is slightly lower than yesterday's close & continued to move lower to touch intraday low of 11651. Nifty was unable to sustain at lower levels & gained strength to recover initial down move. It touched intraday high of 11814 and closed just below 11800 at 11796.45. Today's buying has created a bullish candle on daily chart. It has created Bullish Engulfing pattern. However, Nifty has still not crossed, high of 11850 which is important hurdle for continuing the up move. Nifty is still trading in a range of 11850 and 11600 levels. Option chain shows significant put writing at 11700 level which should act as important support. Highest Call OI is at 12000 level followed by 11800 and 11900. These levels will act as resistance. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your fri

Hello Friends, Nifty opened flat at 11725.80 and hit an intraday high of 11754. However, unable to sustain above 11750 and erased all the gains and became bearish. It touched intraday low of 11670 and closed at 11699.65. India VIX moved up by 3.91 percent to 15.18. Nifty remained range bound between 11754 and 11670 levels through out the trading session. On Daily chart, Nifty have formed a small doji candle. For past 2 days, Nifty is range bound inside the long bullish candle formed on Thursday. In the above snapshot of option chain we can clearly see, call writing at 11700, 11750 and 11800 levels and Put writers are exiting from the same levels. Maximum Call OI is at 11800 and highest Put OI is at 11500 levels. These levels should act as important resistance and support levels for June expiry. Till we see decisive break of 11600 on the down side and 11850 on the upside, we can expect to see consolidation coming sessions. -----------------------------------------

Hello Friends, During the week nifty opened on negative note on Monday. Nifty touched low of 11625 during the week on Wednesday. . Till now, Nifty has slipped 4% fall from high of 12103 and did not broke low of 11591 which was formed on next day of exit poll outcome. Let's have a look at weekly and daily charts. Weekly Chart: On Weekly chart, Nifty has formed a bearish candle with same Open and High. Nifty continues to form lower lows for 3 weeks. Nifty has closed just below 5 week EMA which was providing good support on weekly basis. Ichimoku Cloud also shows bearish cloud with flat upper band. Daily Chart: On Friday, Nifty opened flat and could not continue Thursday's up move. Same Open High was the indication of bearishness. Nifty was trading side ways during most of the session before falling after 2 PM. Nifty touched low of 11705 & closed at 11724. Nifty has not moved above Thursday's high or below low. Option Chain: 27 June expiry option

Hello Friends, After range bound movement for 2 days, today, Nifty managed to cross & close above 11800. Nifty opened at 11653.65 and touched low of 11631.75 but could not sustain and break yesterday's low. Bulls took charge to push Nifty towards intraday high of 11843 before closing 11831.75. On daily chart, nifty has formed a strong bullish candle. Nifty closed above 20 EMA, which is providing good support. 27 June Option Chain shows, maximum Put OI at 11700 followed by 11500 levels Put writing was seen at 11800 followed by 11700 levels. This should act as support levels. Maximum Call OI is at 12000 followed by 12200 levels which should act as resistance level. -------------------------------------------------------------------------------- If you like, please follow the blog to get the regular updates of new posts. Do share with your friends as well. If you have any suggestions please post a reply. -----------------------------------------------------