Nifty Analysis For 23-06-2021

Nifty Analysis For 23-06-2021

As suggested in our previous nifty outlook that if nifty close above 15800 then it can cross the level of 16,000 but unfortunately it closed below 15800. So, what happened today?

Nifty opened gap up near 15830, made high of 15895.75 and gave close at 15772.75. In this whole process nifty made the double top near 15900 which suggest that till 15900 level hold nifty will not move further. On the lower side 15500 will remain intact as strong support. For coming trading days nifty will likely to oscillate between 15600-15900.

Options data suggest that call writers increase their position in 15900 and 16000 calls and put writer unwind their positions from 15600 puts. As per the today’s data it seems that nifty will trade in the range of 15600-15900.

But as per my observation it seems that nifty before moving upwards, offloading the bulls from the train. Now, the question arises how can we seated in the bulls train. Below is the strategy

IF NIFTY CLOSES ABOVE 15800 THEN EXECUTE YOUR LONG TRADE WITH STOP LOSS OF 15700 ON CLOSING BASIS FOR THE TARGET OF 16100.

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