Nifty Analysis : 13 June 2019

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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 level will be important to keep bulls in the game.

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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 taken based on the study shared above.
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Location: India

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