Nifty levels for 02/06/2021

NSE:NIFTY   Nifty 50 Index
Nifty consolidated with a bearish bias today. This is what I expected yesterday.
The reason was nifty looks overextended on 1hr chart with RSI at overbought and it was trading near the upside of the confluence of two channels.
and Nifty gave a good rally yesterday so that shows sign of consolidation as well.
Nifty even though opens upside the channel it was sold into and currently trading inside the channel with a bearish bias.
Bank nifty looks even weaker since it broke the upside channel and made a lower high format. if banknifty breaks 35250 on a 15min close basis. That can trigger good profit booking since it will be a H&S pattern and a LL formation that can drag nifty also down.
if nifty has a 15min close below 15530 it needs to break the upside channel also to get good downside intrday move.
15460-15400 is a good intraday scalp for me.
15350-15400 is good support zone .
15620 above i will look for HH HL format to go long
Europe rallied up the entire day even though it faced some profit booking in the last section but US markets gapped up and faced heavy selling.
Open interest data shows huge call build up and put unwinding at important strikes that shows market has a bearish bias till expiry.
If market opens gap up and breaks 15620 with power that might be a trigger to go along.
Always trade with strict SL and min quantity on the intraday short side since any fear can be heavily bought into in a strong bull market.
I was short on 15100 and 15200 puts and today morning shorted 15800 calls for this expiry.
This is purely my personal view on the markets.


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