Sunday, May 30, 2021

Stock Market Tomorrow | Nifty Weekly & 31 May 21 Outlook


Stock Market 

Indian equity benchmarks ended higher by over half percent on Friday, tracking gains in index heavyweights Reliance Industries, Mahindra & Mahindra, HDFC Bank and HDFC amid positive cues from global markets. Further, decline in daily COVID-19 caseload too bolstered investor sentiment. Markets made optimistic start and traded in green for whole day as traders took some support with a private report that the government is hopeful of a speedy launch of single-dose COVID-19 vaccine Sputnik Light in India and all stakeholders.

BSE Sensex rose 307.66 points or 0.60% to 51,422.88, while the CNX Nifty was up by 97.80 points or 0.64% to 15,435.65.  

Nifty Outlook

Key  Data

Futures of NIFTY

Closing Price15463.85
Price Change76.70
Change %0.498
Future OI10306.27 K
OI Change %4.43
Future Contracts85.79 K
Contracts Change-24.21

Put Call Ratio - 24/06/2021

Put Open Interest26308.12 K
Call Open Interest17454.22 K
PCR Open Interest1.51
PCR OI ReadingStrong Bearish
Put Contracts Traded318508.00
Call Contracts Traded240522.00
PCR Volume1.32
PCR Vol ReadingStrong Bearish

Put / Call Options

Call Max Traded Strike Price16000.00
Call Max Traded SP Contracts42794
Call Option Open Interest17454.22 K
Call Option OI Chg %10.51
Put Max Traded Strike Price15000.00
Put Max Traded SP Contracts37230
Put Option Open Interest26308.12 K
Put Option OI Chg %6.70

Level Outlook


Friends as we discussed earlier that Nifty is in strong uptrend and every dip should be utilized as a buying opportunity . Nifty also behaved on our expectation and created All Time High. 

Still trend is strong and we should away from shorting the Nifty until we see a trend reversal.
As long as trend is sustaining we should remain with trend and every dip or normal routine correction should be utilized for buying opportunity.

Now comes on Friday session.  On Friday Nifty broke out of the rising wedge but lacks momentum to confirm the breakout. On the daily chart, Nifty formed yet another candle that suggests indecision by big players. Nifty we have been predicting a positive trend and bias for the past few days.

For tomorrow we should remain with trend and in any dip we should prepared for long Nifty. Highest open interest is created for the 16000 level in upside and highest open interest created for the put for the level of 15000 . Which means Nifty will trade in between 15000-16000 level in upcoming with bullish nature.
Nifty can test 15683 - 15834 in upcoming week and in downside 15136-14966 will act important support.

Thanks for your Precious Time.

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Disclaimer- The information on this blog are based on my personal opinion and experience, it should not be considered professional financial investment advice and in no way it should be considered as a tip. We does not take any compensation of any kind whatsoever from any reader, user and company that are mention on this website. We are not SEBI registered financial advisor or analyst.

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