Nifty Daily Technical Analysis Report
Nifty traded in a range as discussed in our previous article and exactly gives our target of 16440 and bounce back from the same level. According to technical analysis, Market is still in uptrend till it holds 16400. RSI is now flat on a level of 51.72 above 50 which is a good sign for market to go upwards. MACD making red histogram which is a cause of concern and make pressure on markets. PCR is at neutral level of 0.942 and can support market to go either side. According to option chain, 16500 is looking a level of struggle with 16800 as a strong resistance and 16400 followed by 16300 as strong support for the Week.
Conclusion And Strategy 07 Jun 22
For07 Jun 22, buying can be done in Index above 16610 for a target of 16690 and 16824. For Bears, Index can be short below 16530 for a target of 16440 and 16300.
Option strategy : Sell 1600 PE HDFCAMC JUN.
STOCK TO BUY : MUTHOOTFIN.