Nifty Technical Analysis Report
Nifty made a doji kind of pattern on daily charts which shows tiredness of bulls to take Nifty above 16900. RSI again starts sloping downwards and comes to a level of 52.45. Good thing is that it is still above level of 50. MACD still giving bullish signal and making green histogram on daily chart. PCR made pressure on Index from a level of 1.278 and now comes to 1.114 which can be considered neutral in normal days but in day to day situation it can go near 0.7 levels. According to technicals, no clear direction for market to go and giving mixed signals.
Conclusion And Strategy
For 01 Jun 22, levels to be watched are 16520 towards downside and 16700 towards upside. If Nifty breaches 16700 and holds then buying can be done in Index for a target of 16840, 16950. For Bears, Index can be short below 16521 for a target of 16414, 16350, 16210, 16125, 16080. According to option chain, 16500 is looking a level of support if Nifty breaches it then 16400 may act as a support otherwise we can see 16100 in quick time.