tradetechnicalanalyst

Nifty & Bank-Nifty view for 08.06.2021

NSE:BANKNIFTYM2021   BANKNIFTY INDEX FUTURES
Dated 08.06.2021, Good Morning Friends
***SPOT LEVELS ****
Nifty CMP 15751 PCR -1.61, RSI -72.12 VIX-15.56
Resistance:- *15780-15803*,15958,15920-940
Support: - 15657,15596
Trade Opportunity:- Nifty showing bullish data with good support 15700 if nifty come down 15680-15705 spot level can buy for target 15858, 15919, stop loss below 15650.

B-Nifty 35443 PCR -0.87(oversold condition) RSI -62.60
Resistance:- 35500-535 , if b-nifty cross and sustain( 15-30 min.) above 35535, it may test 35800,35966-36060-*36142*
Support:-, 35210 *35062* ,34930
Trade opportunity:- B-Nifty still has huge OI at 35500. if it open at higher price 35500 and after test 35545 it break 35450 on down side, can short for target 35363 and 35180 with stop loss 35555.

Nifty is bullish but B-nifty is weak as per data analysis. if bank nifty cross and sustain above 35550 do not stay with short position , Need to convert in long for target 35800 and 35960-36050 and final target would be 36142.

Above all analysis for education purpose .

Thanks and Regard

jk

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