Nifty view and levels for 08/06/2021

NSE:NIFTY   Nifty 50 Index
Nifty opened with a gap up consolidated in a range and moved up in the second half. But in the last 30mins nifty faced selling pressure with good volume . People are booking profits in the last 1hr.
Technically Nifty is showing signs of lack in buying pressure (divergence in 1hr chart) which shows further profit booking may happen.
FII open interest data shows signs of bullishness but American markets are currently facing good profit booking which can affect Indian markets in the morning.
SGX nifty is currently flat I will take a cue from SGX tomorrow morning only.
European markets made a good rally today but faced slight profit booking in the end inspired from US.
bank nifty is underperforming and 36000 is having good OI in the call side. Hence the movement on the upside is likely limited till the expiry.
If nifty opens gap up then 15774-15790(R1 for tomorrow) will be a scalp trade.(I am not comfortable in holding upside gap tomorrow)
If nifty opens flat and give 15min close below 15736 then I will scalp till 15700
if nifty opens gap down and 15min close below 15692 i will short and hold till 15632(15692-15774 will be no trading zone in this case)
sold 15400pe on last Thursday , Today sold 15500pe and 16100ce for this expiry. Will be rolling the position as market moves.
This is purely my personal view on the market and I may change my plan based on price action.
Comment: i will be planning to go long if price action looks good near the blue uptrendline considering all other parameters.
Comment: Plan 2 activated and booked profits
Comment: Price action at the blue trendline looks good. waiting for a higher low formation and breakout.
Banknifty looks very weak. Hence waiting for confirmation in higher time frames
Comment: going long with SL below 15700

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