Nifty Technical Analysis Report
Nifty traded as per our range of the day and closed near high i.e 16628 ( 16646 high). This is a bullish signal for 03 Jun 22. RSI took support from level of 50 as discussed in our previous article and now sloping upwards on a level of 53.49. MACD giving bullish signal and making green histogram on daily chart. PCR comes to a level of 1.2 which is near to the selling zone. Overall market is bullish but one should respect the levels.
Conclusion And Strategy
For 03 Jun 22, buying can be done in Index above 16650 for a target of 16700 and 16824. If Nifty breaches 16600 then it can be short for a target of 16530 and 16440. According to option chain 16600 is looking a level of struggle. 16500 is looking a level of support followed by 16440.
Stocks recommended POLYPLEX, POLYCAB, PIDILITIND, VBL all doing good.