Nifty Analysis : 3 June 2019

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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 interest for this expiry. This should provide support.
On the upside, 12100, 12200 will act as resistance with highest open interest.


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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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