Nifty Technical Analysis

Hello Friends, During the week nifty traded in wide range between 11900 and 11650. Nifty was unable sustain above high of previous week's high of 11844 and faced selling pressure. July F&O series started on negative note as nifty slipped below 11800 levels. Let's have a look at weekly and daily charts. Weekly Chart: On weekly chart, nifty has formed bullish candle with long upper wick. This is similar to spinning top pattern with small bullish candle body on weekly charts. This indicates indecisiveness among market ahead of key events for the next week. Flat Conversion line of ichimoku cloud indicator is indication of more range bound movement for coming trading sessions. Daily Chart: On Friday, Nifty closed at 11788 forming a bearish candle after forming shooting star pattern on Thursday. This is signalling more down side towards the support levels. 5 EMA and 20 EMA on daily scale is placed at 11800 and 11792 respectively. Price hanging aroun

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. -----------------------------------------------------

Hello Friends, Today nifty opened gap up at 11744 and rallied towards 11802. However faced strong selling pressure and bears dragged Nifty below 11700.  Nifty touched low of 11625 before which is just below yesterday's low. Bulls then took control to push Nifty towards 11700 levels. On daily chart, it has formed S pinning Top pattern which indicates there is uncertainty and indecisiveness among traders in the market. Nifty is trading in range of 11600 to 11800. In coming trading sessions, we may see some reaction post  Federal Reserve's interest rate decision which is due tonight. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis are

Hello Friends, Nifty opened flat at 11677 and through out the day remained range bound. It touched low of 11641 but unable to sustain yesterday's low of 11657. Nifty closed slightly positive just around 11700 levels. It has formed a Doji candlestick pattern on the daily chart. For coming trading sessions, breaching 11600 on the down side, may bring further selling pressure. On the upside, if nifty manage to sustain above 11750, then it may move towards 11800 - 11850 levels. FOMC meeting in the US will be on 19 June Based on the outcome, we may see further reaction in the market. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis

Hello Friends, On 17th June, Nifty opened flat and immediately faced selling pressure. Nifty opened at 11844 which is also Day's high. Same Open & High is a bearish indication to start the day. As mentioned in Friday's analysis , Technical indicators had already given negative indications. Nifty faced selling pressure through out the day and touched low of 11657 before closing 11672. Nifty have breakdown from the narrow trading range. Breaching 11650 - 11600 on the down side, may attract bears to drag nifty to fill the bullish gap zone of 11591–11426. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study

Hello Friends, During this week, Nifty movement was range bound as mentioned in last week's analysis . Let's look at weekly & Daily chart analysis: Weekly Chart: During the week, Nifty touched high of 12000 on Tuesday, 11th June, however was not able to sustain at those levels. Due to selling pressure, nifty slipped towards 11800 levels during the week and made low of 11797 on Friday's session before closing just above 11800. Banking & financials dragged index during the trading session. Bank Nifty index has slipped 890 point during the week from it's week high of 31399 to touch low of 30508.95. Bearish candle formed on weekly Nifty chart closing just below previous week's close. 5 MA is also placed at same levels which is providing support on weekly basis. RSI continues to show negative divergence indicating further weakness. Daily Chart: On Friday 14 June, Nifty opened flat at 11910 and immediately went negative. It traded flat in a

Hello Friends, Today Nifty opened gap down at 11873, down 33 points from yesterday's close. After opening struggled to cross 11900 during initial 10 minutes and slipped down to make low 11817.05. Nifty bounced sharply after touching support level around 11800 to touch high of 11931 and managed to close just above 11900 levels at 11914. Nifty has formed hammer candlestick pattern on daily chart. This has formed exactly at short term support trend line and 20 EMA is also at the same level which provide support to nifty. This pattern indicates, possible reversal of the trend. Further buying can be seen if nifty sustains above 11930 - 11950 20th June Expiry Option chain shows highest Put Open interest at 11800 which indicates support levels & highest Call Open Interest 11900 and 12000 strike prices indicates resistance levels. Unless Nifty sustain above 12050 - 12100 levels, the consolidation may continue for coming trading days. On the downside, low of 11800 l

Hello Friends, On Wednesday, 12th June, Nifty opened flat at 11962.45. Nifty index declines throughout the trading day & hit low of 11866.35. Banking & financials and auto stocks dragged index during the trading session. For coming trading sessions, upside may be capped at 12000 to 12050 levels. As we can see heavy call writing at these strike price. On the down side, 11800 may provide important support & break of which may further bring selling pressure. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- Disclaimer: I am not SEBI Registered analyst. All above analysis are just for study purpose. I am not responsible for any gain or loss arising out of trades tak

Hello Friends, Nifty opened gap up at 11959.85 and started to slip down and touched today's low 11904. However, as mentioned in yesterday's option chain analysis, addition of 11900 Put OI provided good support. Nifty bounced from low of 11904 towards days open level & traded sideways during most of the trading session. Bulls tried to take charge by pushing nifty towards intraday high of 12000 however, unable to sustain above 12000 For 3 days in a row nifty has formed Doji candle on daily chart. During next trading sessions, we may see range bound movement between 12000 to 11900 levels. Breach of these levels will decide further trend for Nifty. -------------------------------------------------------------------------------- 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, Today nifty opened gap up at 11929.30 as overall global cues were positive. Nifty gained 50 points within first 15 minutes and touched high of 11975.05. However, it was unable to sustain at that levels and slipped below 11900 & touched low of 11871. Nifty managed to bounce from today's low which is also Friday's closing levels and closed just above 11900 at 11922.70 In today's session, IT and Consumer Goods sectors were Top gainer & Financial Services and Energy sectors were top looser. Daily Chart: Nifty has formed a Doji candle on daily chart, indicating indecisiveness in the market. 11900 Put strike has seen addition of 603,975 contracts. 11800 will be important support with highest Put OI. On the up side, 12000 continues to act as resistance with highest Call OI. Range bound movement can be expected for few trading sessions till we see a sustainable break of resistance or support levels. -------------------------------------

Hello Friends, Last week on Nifty touched it's all time high of 12103.05. However, was not able to sustain at these levels. During the week, Nifty traded in the range of 12103.05 to 11769 levels. Below is the analysis of weekly and daily charts. Weekly Chart: As mentioned in previous analysis, nifty was trying to new high however, important indicators were signaling weakness in the move. Every up move above 12000 level had faced selling pressure and it has brought nifty down below 11900. 5 EMA is providing good support for nifty on weekly basis. On weekly chart, nifty formed bearish candle bear candle with a long upper shadow signalling strong resistance at higher levels. Daily Chart: After Thursday's sharp fall Nifty started to fall on Friday as well. However, managed to recovered from 11769. On daily chart Nifty formed a Doji Candle holding 20 EMA as support. Options Chain Analysis: For 13 June Expiry option chain, Maximum Put OI at 11800 strike fo

Hello Friends, Today Nifty opened flat at 12032 and immediately started moving down. Selling pressure continued and nifty extended its losses and touched low of 11830 before closing 11843. Nifty faced 200 points fall during the day. While the rate cut of 25 basis points was as per expectations, the market did not cheer the rate cut, as it may have already been factored. Nifty formed big bearish candle with Day's open & high same. As mentioned in previous analysis, 12000 & 11900 support level were taken out, further selling pressure dragged nifty towards 11800 levels. 13 June option chain shows maximum Put OI at 11900 levels followed by 11800 & 11700 put strikes. Maximum Call OI stands at 12000 level followed by 12100 call strikes. which should act as important resistance for Nifty. In coming trading sessions, if nifty brakes and sustains below 11800 it may take support around 11600 levels. ---------------------------------------

Hello Friends, After yesterday's strong bullish candle, today nifty opened negative at 12050. During the day it touched high of 12095 but faced selling pressure at resistance levels as mentioned in yesterday's analysis . Nifty remained range bound between 12100 to 12000 levels & closed at 12021. This has formed doji candlestick pattern on daily chart. 6 June expiry Option chain shows 12000 - 11900 as support levels & 12100 - 12200 as resistance levels as there is maximum open interest at these levels. Nifty sustaining above 12100 - 12150 will attract bulls for further up-move. Tomorrow, 5th June is holiday for Indian Market, followed by RBI Policy outcome on 6th June. Weekly option expiry is also on the same day that is 6th June. -------------------------------------------------------------------------------- Please follow the blog to get the regular updates of new posts & share with your friends as well. If you have any suggestions please post a

Hello Friends, Today, Nifty has opened positive at 11943 and continued its up move to break previous highs around 12041& touched high of 12102. Nifty closed at record closing high of 12088. However, this record high is very close to resistance lines from previous highs. Despite weak GDP data, auto sales data and global trade uncertainties Nifty managed to attain new high. Another point to note that, similar momentum is lacking for bank nifty index. Bank nifty is still trading range bound & unable to break above recent high. This shows divergence between to index. For coming few trading session, it will be important to see all round participation for further up-move. As shown in below intraday chart (30min chart) Nifty has broken out from an Ascending Triangle indicating further bullish trend may continue in the coming session if nifty hold 12000 levels. Option chain of 6 June expiry shows 2,139,750 fresh put writing at 12000 level. 12000 holds highest open

Hello Friends, Last week on 23rd May Nifty touched it's all time high of 12041 and shaded all gains due to profit booking. These week as well, nifty did not broke it's last week's trading range. During the week, Nifty traded in the range of 11800 & 12040. Let's look into weekly and daily charts for analysis... Weekly Chart: We can see selling pressure at 12000 to 12050 levels, which has pushed nifty below 12000 for 2 weeks in a row. On the weekly Chart nifty have formed inverted hammer pattern for this week. This week's range becomes support and resistance and sustainable breakout will be important to see further trend. Daily Chart: Bears have managed to push nifty for negative closing for 3 out of 5 trading sessions. Nifty movement has been range bound between 11800 and 12050. RSI, an important indicator is neutral. 5 DMA continues to provide support on daily chart. Options Chain Analysis: For 6 June weekly expiry option chain,  118