NIFTY prediction for tomorrow 02 JUNE
As we discussed, NIFTY opened sideways and continued in a bullish direction after breaking the trendline, as discussed in the video.
If we look at the chart now:
The market is trading at the resistance level, where it showed a nice correction last time. Now, the market has made a zone in the range of 23984 - 24154. by the time the market is in the zone, it's going to be volatile sideways. Once it breaks in either direction, it's going to give nice directional momentum. As the market is already stretched, I am expecting the market to consolidate in 1 day or 2, and after that, it might give us good momentum.
Support levels: 23984, EMA(50), 23842, and 23692
resistance levels: 24154, 24325
If we look at the OI data:
PCR = 1.07 shows the market has bullish sentiment. 24200 seems a good hurdle to the upside; if it breaks, the market is clear to go 24354. 24000 has good PE writing, which is going to provide good support, and 24500 has heavy CE writing, which is going to provide nice resistance.
I am expecting the market to consolidate for 1 or 2 days once it breaks the range of 23984 - 24154. it will give a nice momentum.
Reason:
Verdict: Sideways or Bullish
Plan of action:
Sell 24100 CE and 24000 PE (Hedge it with 10/- premium)
If we look at the chart now:
The market is trading at the resistance level, where it showed a nice correction last time. Now, the market has made a zone in the range of 23984 - 24154. by the time the market is in the zone, it's going to be volatile sideways. Once it breaks in either direction, it's going to give nice directional momentum. As the market is already stretched, I am expecting the market to consolidate in 1 day or 2, and after that, it might give us good momentum.
Support levels: 23984, EMA(50), 23842, and 23692
resistance levels: 24154, 24325
If we look at the OI data:
PCR = 1.07 shows the market has bullish sentiment. 24200 seems a good hurdle to the upside; if it breaks, the market is clear to go 24354. 24000 has good PE writing, which is going to provide good support, and 24500 has heavy CE writing, which is going to provide nice resistance.
I am expecting the market to consolidate for 1 or 2 days once it breaks the range of 23984 - 24154. it will give a nice momentum.
Reason:
- RSI > 50 shows a mild bullish signal.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 1.07 indicates bulls are continuously increasing their position in the market.
- price > VWAP shows a Bullish market structure.
Verdict: Sideways or Bullish
Plan of action:
Sell 24100 CE and 24000 PE (Hedge it with 10/- premium)
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