Nifty Daily Analysis Report
Nifty remained in a range for the entire day and closed on a comfortable level, RSI sloping downward but still above the level of 50. So watch RSI closely on day chart. Market can bounce from the RSI level of 50 and if 50 breaches then more downside possible. PCR now come at comfortable level of 0.83 and our buying zone is 0.75 so we can start buying with the vision of adding till 0.75 level of PCR. MACD still giving bullish signal by continue making green histogram on daily chart. Overall market looking bullish until it holds 16400 on closing basis.
Conclusion And Daily Strategy
For 02 Jun 22, if Nifty opens flat then buying can be done for a target of 16650 , 16700, 16840. For Bears if Nifty breaches 16500 on closing basis of 15 min candle then Nifty can be short for a target of 16440, 16350 and 16300. According to option chain 16500 is looking a make and break level . Nifty range for the day may be 16400-16650.
Stock to buy : PVR TGT 2000, OPTIONS : Sell 1600 pe HDFCAMC JUN.