Nifty Analysis Week ended 07 June 2019

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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 followed by 11700 strike price.
  • Maximum Call OI is at 12000 strike followed by 12100 strike price.


 Conclusion:
  • Post exit poll day's low of 11591 will be important support level.
  • On the upside, 12000 and 12100 will continue to provide resistance.
  • Till we see Sustainable close above resistance levels 11600 to 12000 may be the broad trading range for nifty.

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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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