Nifty Daily Technical Analysis Report
Nifty open gap up on 03 Jun 2022 as market was in bullish mode. Nifty faced resistance near 16800 which is crucial level for Nifty to go higher. Profit boking was seen near 16800 which dragged Nifty upto 16567 level. Finally, Nifty closed on 16584 with a bearish candle on daily chart. RSI is still above 50 with slightly sloping downwards and come on a level of 52.25. After a long time, MACD made a red histogram on daily chart. If MACD again made a red histogram in continuation and RSI slip below 50 then more downside can be seen in Index. PCR comes to a level of 0.973 which can be considered neutral but may go down towards 0.8-0.7 range.
Conclusion And Strategy
For 06 Jun 22, if Index breaches 16650 then buying can be done in Index for a target of 16840. For Bears if Index slips below and give a close of 15 min candle below 16500, selling can be done in Index for a target of 16440, 16350. Short range for the week is 16400-16840. For safe traders sell near 16800 with SL of 16900 and buy near 16440 with SL of 16350. Wide range as per VIX is 16200-17000 for the week.
STOCKS TO BUY : GMMPFAUDLR, POLYCAB near 2400