Nifty Important levels and trading plan for Wednesday 8th June 2
With flat or small gap down opening, if nifty crosses 16410 and sustain then a bullish trade can be initiated. 16481, 16557 and 16612 will act as major resistance, for any gap up opening of more than 50 points need to wait for price action to complete for an entry.
With flat or any opening below 16416, nifty crossing 16409 level with negative price action (in 15-minute time frame) a bearish trade can be initiated. Major support levels will be at 16364/16348, 16294 and 16217. These support level will only be applicable when nifty reaches those levels without breaking 16416. For any gap down opening of more than 100 points need to wait for proper price action.
A channel is also visible in 75-minute time frame, which may act as support and resistance.
Important points- 1. Nifty tomorrow with narrow CPR.
2. RBI meeting (6 to 8 June 2022)
Considerable OI is found in 16500, 16600 and major oi is present at 17000 level for CE side and for PE side 16300 has highest OI, followed by 16500 and 16200.
With flat or any opening below 16416, nifty crossing 16409 level with negative price action (in 15-minute time frame) a bearish trade can be initiated. Major support levels will be at 16364/16348, 16294 and 16217. These support level will only be applicable when nifty reaches those levels without breaking 16416. For any gap down opening of more than 100 points need to wait for proper price action.
A channel is also visible in 75-minute time frame, which may act as support and resistance.
Important points- 1. Nifty tomorrow with narrow CPR.
2. RBI meeting (6 to 8 June 2022)
Considerable OI is found in 16500, 16600 and major oi is present at 17000 level for CE side and for PE side 16300 has highest OI, followed by 16500 and 16200.
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