NIFTY Prediction for tomorrow 6 Jun 24
NIFTY gave a really big bullish moment today. It's still an effect, and the market boomed 700+ points.
If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 22246, 21850, and 21293
resistance levels: 22640, 22832, 23151
If we look at the OI data:
PCR = 0.61, which has increased from 0.53, shows a bullish sign in the market. There is no such max-pain Market that is clearly bullish. There is only good CE writing at 23000, which is going to provide a huge resistance.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1: Sideways in range of 22253-22640
Case 2: On either side, it breaks to either side's trade accordingly.
Reason:
Verdict: Sideways in range of 22253-22640. and Volatile on either side, it breaks.
Plan of action:
Case 1: Sideways: Sell 22250 PE & 22650 CE (Hedge it with 20/- premium options)
Case 2: Exit the opposite position on either side. It breaks.
If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 22246, 21850, and 21293
resistance levels: 22640, 22832, 23151
If we look at the OI data:
PCR = 0.61, which has increased from 0.53, shows a bullish sign in the market. There is no such max-pain Market that is clearly bullish. There is only good CE writing at 23000, which is going to provide a huge resistance.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1: Sideways in range of 22253-22640
Case 2: On either side, it breaks to either side's trade accordingly.
Reason:
- RSI > 60 shows a bullish structure.
- Price > EMA(13, 50, 200), which indicates a Bullishmarket structure.
- PCR = 0.63 has risen from 0.53 and shows signs of bullishness.
- Price > VWAP shows a Bullish market structure.
Verdict: Sideways in range of 22253-22640. and Volatile on either side, it breaks.
Plan of action:
Case 1: Sideways: Sell 22250 PE & 22650 CE (Hedge it with 20/- premium options)
Case 2: Exit the opposite position on either side. It breaks.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.