Nifty Support & Resistance Levels for 06.06.2024Nifty gained more than 3% yesterday and closed near the 15-minute resistance zone mentioned in the last post. If it breaks above 22,900, we might see selling pressure at the daily resistance zone starting at 23,062.
Support Levels:
Intraday Support Zone (15m): 21,944 - 22,076
Near Support (Daily): 21,137 - 21,459 (remains the same)
Far Support (Daily): 20,769 - 20,950
Resistance Levels:
Intraday Resistance Zone (15m): 22,643 - 22,881
Major Resistance/Supply Zone (Daily): 23,062 - 23,338.70
Niftytrend
05 Jun 2024 - Nifty50 Reversal or 61.8% Fibonacci retracement?No, I am not denying the credit to Nifty50 to have rallied 735pts ~ 3.36% to have a beautiful green today. I just drew the Fibonacci levels from the peak point of 3rd June and the bottom-most level of Jun 04 - the results are in front of you.
23.6% levels @ 21796 had some action
38.2% levels @ 22091 (quite near my 22051 SR level) had a stronger action
50% levels @ 22329 (quite near my 22295 levels) also had significant touchpoints
61.8% levels @ 22567 (quite near my 22519 levels) is where we closed today
I would not prefer to change my stance to bullish yet. The best I could think of is to go neutral and see how these levels are holding up for the next 1 week. The resistance of 22781 may be the game changer according to me.
And honestly, we are back at the levels just before the exit poll results. 3 violent moves would have shaken out a sizeable crowd of traders. It takes courage to even hang-on.
NIFTY Prediction for tomorrow 6 Jun 24NIFTY gave a really big bullish moment today. It's still an effect, and the market boomed 700+ points.
If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 22246, 21850, and 21293
resistance levels: 22640, 22832, 23151
If we look at the OI data:
PCR = 0.61, which has increased from 0.53, shows a bullish sign in the market. There is no such max-pain Market that is clearly bullish. There is only good CE writing at 23000, which is going to provide a huge resistance.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1 : Sideways in range of 22253-22640
Case 2 : On either side, it breaks to either side's trade accordingly.
Reason:
RSI > 60 shows a bullish structure.
Price > EMA(13, 50, 200), which indicates a Bullishmarket structure.
PCR = 0.63 has risen from 0.53 and shows signs of bullishness.
Price > VWAP shows a Bullish market structure.
Verdict: Sideways in range of 22253-22640. and Volatile on either side, it breaks.
Plan of action:
Case 1 : Sideways: Sell 22250 PE & 22650 CE (Hedge it with 20/- premium options)
Case 2 : Exit the opposite position on either side. It breaks.
Way forward in Nifty next 3-4 weeks1. Yesterday, Later half of the market, price pull back happened from 200 ema, but the end cosing is quite uncertain
2. Blue highlighted area represents stong support 21500-21900
Price opening or closed below this area could unfold another 1000 point dowanward possibility.
3. What can happen,
A. Sidways moment on this support area, untill we get clear picture current political situation
B. High probability of downfalls, since the mandate is unacceptable. Seller will get aggressive on every rise. Volatility will increase
4. What should be done, Limit your stock positions for at least next 3-4 weeks.
Ideally fresh position shouldn't be taken untill the price close above 22400.
#NIFTY Intraday Support and Resistance Levels -05/06/2024Nifty will be gap up opening in today's session. After opening nifty sustain above 22010 level and then possible upside rally up to 22130 level in today's session. in case nifty trades below 21950 level then the downside target can go up to the 21830 level.
Nifty Support & Resistance Levels for 05.06.2024Huge selling was witnessed yesterday due to election results that did not align with exit polls. A big red candle on the daily chart broke almost all near supports of the last four months, breaking the channel and taking support at the daily demand zone of 21,137 - 21,459.
Support Levels:
Near Small Support (Daily): 21,137 - 21,459
Far Support (Daily): 20,769 - 20,950
Gap Zone Support (Daily): 20,267 - 20,508 (if further fall occurs)
Resistance Levels:
Intraday Resistance Zone (15m): 22,643 - 22,881
Major Resistance/Supply Zone (Daily): 23,062 - 23,338.70
Nifty witnessed Biggest Single Day fall of Recent Years
Indian benchmark showed correction & lose more than 6%
on Vote counting day.
Nifty broke below imp swing low & showed sharp correction
to came near 21300 level
A Big Long candle has formed on Daily TF, erased last few months gains
The imp upside hurdle is placed around 22500/600 level
whereas downside support is around 22200 zone
Track for price to form Price Action Patterns at Imp Levels,
However market may show Choppiness after today's sharp fall.
Keep Tracking Charts
*For Educational Purpose
Learn & Practice Price Action setups
04 Jun 2024- Nifty almost hit the lower circuit ~ 10% intradayWhat a strange day it has been, the moment the market participants realized that BJP will not get a simple majority - we started falling. That realization came in the opening minutes and did not give me ample time to prepare.
Honestly, I did not expect such a move today. I really thought we would have the reaction on Wednesday instead. I was not really ready with my short position and to be frank, I lost almost 5 lakhs as opportunity cost today.
Nifty ended up negating the last 172 days of upmove, in the single daily candle of today. It is like watching your building collapse, something that you took 6 months to build.
Interestingly the reversal came at the 200 EMA and not at 21491. If you notice my chart, I do not have a support/resistance level between 21491 and 19855 - if we break that tomorrow, it is going to be a free-fall.
Stance updated to bearish till proven wrong.
Current, NDA 291, INDIA 234, Others 18.
Nifty on Radar - 3 JuneToday we have a gap up opening of more than 3% and the price has touched the levels of all time high.
The question is weather it sustain on these levels.
So, wait for the price to settle down.
Technically we are in a no trade zone.
Disclaimer : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
Nifty50 ( 31st May) 1/2Hourly closing below 22584 -- 22609 will be 🐻 📉 📉 to 22428 and 22280
22280 could test within 3rd June
Any closing sustains above 22609 in hourly then 📈 📈
Disclaimer:
It's a personal view not a financial advice and I assume no responsibility and liability whatever outcome arises.
#NIFTY Intraday Support and Resistance Levels -04/06/2024Nifty will be gap up opening in today's session. After opening nifty sustain above 23340 level and then possible upside rally up to 23460 level in today's session. in case nifty trades below 23260 level then the downside target can go up to the 23140 level.
Nifty Support & Resistance Levels for 04.06.2024GIFTNIFTY is trading flat at 23,446 as of 8:35 AM. After yesterday's GAP UP opening and high closing, the last Friday's high-low range will serve as a good support if we see a correction from high levels.
Support Levels:
Near Support (Daily): 22,417 - 22,568
Far Support Zone (75m): 21,821 - 22,041
Nity made New All Time High after Robust Gap up openingThe market witnessed the session of june 3 with Robust gains,
following Exit polls results.
After Big Gap up opening Nifty remained in postivie momentum & closed near 23250 level
A Big Bullish candle is formed on daily chart
The imp upside hurdle is placed around 23400/500 level
whereas downside support is around 23000 zone
Track for price to form Price Action Patterns at Imp Levels,
However market may show volatility during the Election Results on june 4
Keep Tracking Charts
*For Educational Purpose
Learn & Practice Price Action setups
Nifty50 Channel Breakout Confirmation: Key Level to WatchWe are observing a potential channel breakout in the Nifty50 index from 03 MAY to 03 JUN. To consider this breakout valid, the index must sustain above 22,350, confirmed by a 1-hour candle closing above this level. Keep an eye on this threshold for confirmation of the breakout.