Nifty Daily Analysis Report And Strategy 08 Jun 22

Nifty opened gap down and made a high approx equal to its open price i.e 16487 ( open 16469) which is a bearish sign for markets. RSI breaks level of 50 and now come on a level of 47.75 again. This is also a cause of concern, MACD made red histogram on daily chart continuously from last three days which gives a bearish signal for market in coming days. Only positive sign is PCR which comes to a level of 0.776 which can be considered in overbought zone. In last few weeks market bounce back from same level of PCR. Second positive thing which can be considered is that market filled the gap and closed above 16400. According to option chain, Market is looking weak as strong PE unwinding can be seen on each level.

For 08 Jun 22, Buying can be done in Index if it breaches 16440 with a SL of 16380 for a target of 16520, 16600. For Bears Index can be short below 16350 for a target of 16223 , 16180.

Leave a Reply