Nifty Daily Technical Analysis
Nifty respected the levels of the week and traded in the range as we discussed. Nifty made a bearish candle on daily chart as well as on weekly chart and close on a very important level of 16201. RSI is sloping downwards and comes to a level of 43.30 which shows weakness in markets. MACD continue to make red histogram which shows downside in coming days. PCR is at 0.884 which may support Nifty but further fall upto 0.7 level as we noticed in the past.
Conclusion And Strategy
According to option chain, 16200 is looking a level of resistance and 16000 may act as a support level for markets to bounce back and Bulls to come in action. If market have to go up then it must take support from 16150. Range for the week is 15800 – 16600.
For 13 Jun 22, Index can be short if it goes down below 16170 and holds for a target of 16080, 16010. For Bulls if Nifty breaches 16280 then buying can be done in Index for a target of 16340, 16440.
STOCK TO WATCH : BARBEQUE @ 900. HDFC NEAR 2100.