Nifty Analysis Week ended 21 June 2019
Hello Friends,
During the week nifty opened on negative note on Monday. Nifty touched low of 11625 during the week on Wednesday. .
Till now, Nifty has slipped 4% fall from high of 12103 and did not broke low of 11591 which was formed on next day of exit poll outcome.
Let's have a look at weekly and daily charts.
Weekly Chart:
On Weekly chart, Nifty has formed a bearish candle with same Open and High. Nifty continues to form lower lows for 3 weeks.
Nifty has closed just below 5 week EMA which was providing good support on weekly basis.
Ichimoku Cloud also shows bearish cloud with flat upper band.
Daily Chart:
On Friday, Nifty opened flat and could not continue Thursday's up move. Same Open High was the indication of bearishness. Nifty was trading side ways during most of the session before falling after 2 PM.
Nifty touched low of 11705 & closed at 11724.
Nifty has not moved above Thursday's high or below low.
Option Chain:
27 June expiry option chain shows highest Put OI at 11700 followed by 11500 levels.
Maximum Call OI is at 12000 and 11800 levels.
These levels should act as important support & resistance.
Conclusion:
We may see range bound movements within 11900 to 11600 for this monthly expiry week.
On the upside Nifty need to sustain above 11850 to see further upside.
On the downside, 11600 is the short term support level. Break of 11600 may add further selling pressure to fill the gap towards 11250 - 11200.
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Do share with your friends as well.
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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.
--------------------------------------------------------------------------------
During the week nifty opened on negative note on Monday. Nifty touched low of 11625 during the week on Wednesday. .
Till now, Nifty has slipped 4% fall from high of 12103 and did not broke low of 11591 which was formed on next day of exit poll outcome.
Let's have a look at weekly and daily charts.
Weekly Chart:
On Weekly chart, Nifty has formed a bearish candle with same Open and High. Nifty continues to form lower lows for 3 weeks.
Nifty has closed just below 5 week EMA which was providing good support on weekly basis.
Ichimoku Cloud also shows bearish cloud with flat upper band.
Daily Chart:
On Friday, Nifty opened flat and could not continue Thursday's up move. Same Open High was the indication of bearishness. Nifty was trading side ways during most of the session before falling after 2 PM.
Nifty touched low of 11705 & closed at 11724.
Nifty has not moved above Thursday's high or below low.
Option Chain:
27 June expiry option chain shows highest Put OI at 11700 followed by 11500 levels.
Maximum Call OI is at 12000 and 11800 levels.
These levels should act as important support & resistance.
Conclusion:
We may see range bound movements within 11900 to 11600 for this monthly expiry week.
On the upside Nifty need to sustain above 11850 to see further upside.
On the downside, 11600 is the short term support level. Break of 11600 may add further selling pressure to fill the gap towards 11250 - 11200.
--------------------------------------------------------------------------------
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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