Nifty Analysis Week ended 14 June 2019
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 range of 11840 to 11880 during most of the session before facing selling pressure in last 30 minutes.
Nifty touched low of 11797 but managed to close at 11823, just above 11800.
Nifty formed bearish candle on daily chart forming low just around short term trend line.
20 EMA is also placed at these levels which is providing good support / resistance.
RSI is on daily charts is placed just above 51 levels.
MACD on the same chart has shown a negative crossover.
Options Chain Analysis:
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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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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 range of 11840 to 11880 during most of the session before facing selling pressure in last 30 minutes.
Nifty touched low of 11797 but managed to close at 11823, just above 11800.
Nifty formed bearish candle on daily chart forming low just around short term trend line.
20 EMA is also placed at these levels which is providing good support / resistance.
RSI is on daily charts is placed just above 51 levels.
MACD on the same chart has shown a negative crossover.
Options Chain Analysis:
20 June weekly Option Chain shows highest Open Interest (1078125) of at 11800 Put Strike.
11900 Call Strike has open interest of 2,188,725 contracts and 12000 call strike has open interest of 2,171,400 contracts.
11900 Call Strike has open interest of 2,188,725 contracts and 12000 call strike has open interest of 2,171,400 contracts.
June Monthly expiry option chain has highest open interest at 11500 put and 12000 call strike prices.
These levels should act as important support & resistance.
Conclusion:
Looking at daily and weekly chart, nifty is placed short term trend line.
Weekly option chain open interest at 11800 put strike suggest good support & 11900 - 12000 suggest good resistance.
This overall indicates negative to range bound movement for coming trading sessions.
In my view, Nifty may bounce from current levels. On the upside 11900 to 12000 levels will act as resistance. If nifty crosses 11900 and able to sustain, then 12000 - 12050 levels can be seen.
On the down side, If 11800 levels are broken, then nifty can slip further towards 11600 which is around the gap of exit poll's day.
--------------------------------------------------------------------------------Looking at daily and weekly chart, nifty is placed short term trend line.
Weekly option chain open interest at 11800 put strike suggest good support & 11900 - 12000 suggest good resistance.
This overall indicates negative to range bound movement for coming trading sessions.
In my view, Nifty may bounce from current levels. On the upside 11900 to 12000 levels will act as resistance. If nifty crosses 11900 and able to sustain, then 12000 - 12050 levels can be seen.
On the down side, If 11800 levels are broken, then nifty can slip further towards 11600 which is around the gap of exit poll's day.
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 taken based on the study shared above.
--------------------------------------------------------------------------------
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