Nifty Analysis : 6 June 2019

-
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.


--------------------------------------------------------------------------------
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 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 taken based on the study shared above.
--------------------------------------------------------------------------------
Location: India

Comments

Post a Comment

Popular posts from this blog

Nifty Analysis : 27 June 2019

-
Image
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 o...
Read more

Nifty Analysis : 26 June 2019

-
Image
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. ---------------------------------------...
Read more

Nifty Analysis Week ended 28 June 2019

-
Image
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...
Read more