Nifty - Trading plan - 10/06/21

NSE:NIFTY   Nifty 50 Index
I am publishing NIFTY chart and trading plan which will help tomorrow in trading. NSE:NIFTY king decisions to enter and exit. NSE:NIFTY

NIFTY SPOT- Blue Print for 10 -Jun-2021

Market Structure/Trend Analysis/Chart Pattern.

l Chart Pattern - Higher low structure
l DTF Pivot Trend - Higher low Structure
l WTF Pivot Trend - Higher High Structure
l MTF Pivot trend - Higher High Structure
l DTF Price Action - Wide range candle

Daily Pivots Analysis.

l Weekly Pivot - HV relationship - Mild trending week
l Daily Pivot - Lower value Relationship - Sideways day
l Pivot Width Analysis - Double distribution day - 0.21
l Average Daily range - Sideways day - 139
l GPZ - Weekly Bullish GPZ

Key levels.

l PDH / PDL - Done.
l PD Turning Points - Done
l PD Supply and Demand Zone (1HR TF) - Done
l Swing High/Low - Done
l Gaps - Done
l Virgin CPR - Done

Option Chain Analysis

l Open interest - 15800/15700 are major RZ and 15500/15600 are major support. Puts have unwinded significantly
l PCR (Contrarian) - 0.8 - Bearishness has increased = 1:2
l FII Option data - Super bearish
l FII Futures data - Positive.
l FII Stock data - Bearish .

Verdict -

l HTF trend for first time turned bearish but, we need more confirmation, something like breaking 15500 level or another WRC candle or a lower low structure on NIFTY . But, BNF has already turned BEARISH with structure confirmation of lower low structure. Hence, I am slightly bearish , but another WRC will be a good confirmation.
l Pivot analysis infers bearish bias, hence, I would look for selling opportunity at 15700 and 15800. Buy at 15550 levels.
l Option chain analysis also infers Bearish bias as well. One thing to note here, calls have also unwinded significantly, which makes me blv there was profit booking. But, let's put stick to one view and be bearish .


Step 1 - Strategies to be deployed -

l Open drive rejection
l PPT .

Step 2 - Trading Plan

1. Any bullish PA at 15570/600 levels is a long with stop of 15540/70 and target of 15615/635.
2. Aggressive longs above 15800 only with stop of 15760 and target of 15840.
3. Any bearish PA below 15684 is a short with stop of 15710 and target of 15615
4. Aggressive shorts below 15550 with stop of 15570 and target of 15490.

Have a nice day!!

Comment: None of the plan worked


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