NIFTY 50 VIEW FOR 4TH JUNE,2020
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NIFTY 50 respected both the levels as I had posted in my previous post. It ranged between 10040-10169./
Today the index opened with a significant gap up above 10100. It was however not able to hold those gains and end of day,it closed below 10100.
A close below 10000 and we could have seen a fall tomorrow. 10000 is a key psychological level and tomorrow it will be a interesting expiry day.
If Nifty is able to breakout above 10700 level, I think then we can see a possible upside towards the previous trendline. (See 5 Min Chart Image below)
Above that, bulls may be looking to break 10169 which was a level I had mentioned in my previous post.Today that level got tested but was not sustain and we saw a fall towards 10035.
Take a look at today's 5 min Chart and analyse the movements :
The day's low was broken and we saw a good fall towards 10035.
10030-10040 is also an important level as can be seen in the daily chart I've posted.
Everything else I have mentioned in the chart.
On the downside,key levels to watch out for are 9995 or the psychological 10k. If even that is broken we might see a fall towards 9930 and then towards 9887.
75 Min Chart :
240 Min Chart :
NIFTY
This analysis is for learning purposes and if anyone has something to add on or if you spot a mistake,do write it in the comments. All kind of suggestions are welcome!
This is just my viewpoint and please do not take trades based on this. I do not mention specific targets or stop losses as I don't trade FnO segment.
Today the index opened with a significant gap up above 10100. It was however not able to hold those gains and end of day,it closed below 10100.
A close below 10000 and we could have seen a fall tomorrow. 10000 is a key psychological level and tomorrow it will be a interesting expiry day.
If Nifty is able to breakout above 10700 level, I think then we can see a possible upside towards the previous trendline. (See 5 Min Chart Image below)
Above that, bulls may be looking to break 10169 which was a level I had mentioned in my previous post.Today that level got tested but was not sustain and we saw a fall towards 10035.
Take a look at today's 5 min Chart and analyse the movements :
The day's low was broken and we saw a good fall towards 10035.
10030-10040 is also an important level as can be seen in the daily chart I've posted.
Everything else I have mentioned in the chart.
On the downside,key levels to watch out for are 9995 or the psychological 10k. If even that is broken we might see a fall towards 9930 and then towards 9887.
75 Min Chart :
240 Min Chart :
NIFTYThis analysis is for learning purposes and if anyone has something to add on or if you spot a mistake,do write it in the comments. All kind of suggestions are welcome!
This is just my viewpoint and please do not take trades based on this. I do not mention specific targets or stop losses as I don't trade FnO segment.
Note
Gap has been filled. Analysis has worked perfectly so far. Simple price action,nothing else.
Now key level to watch out for is 9930 on the downside and 10k on the upside. If nifty remains below 10k by the end of the day we might see a downside in coming days. It needs to close above the psychological mark of 10k if any further upside has to be seen
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