Nifty Analysis Week ended 28 June 2019

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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 around these ema and flat ema indicates range bound movements for coming sessions.

Short term support is placed around 11600 levels where as short term resistance would be around 11915 - 11920.

Option Chain:


4th July, weekly options chain shows highest Put OI at 11700 and maximum Call OI is placed at 12000 and 11900 levels.


Conclusion:

During next week, G20 Summit held in Japan, Union Budget which is scheduled for 5th July
& Auto sales data are some of important events will keep market volatile.

For the week, we can expects Nifty to trade in the range of 11950-11600 levels. 

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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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