Wednesday, June 2, 2021

Stock Market Tomorrow | Nifty Outlook 03 June 21

  

 Nifty and  Stock Market Outlook 


Stock Market Today 

Indian equity benchmarks recouped losses to end flat for second straight day on Wednesday, amid a mixed trend in global markets. For most part of the day, benchmarks traded with a negative bias, as traders were concerned with report that the second Covid wave has led to a sudden spike in India’s unemployment rate - it rose to 11.9% in May from 7.97% in the previous month. 

The rate had last reached double digits in June last year, when it was 10.18%. According to the Centre for Monitoring Indian Economy (CMIE) data, barring April, May and June last year, the monthly unemployment had never breached the double-digit mark at least since January, 2016.

BSE Sensex fell 85.40 points or 0.16% to 51,849.48, while the CNX Nifty was up by 1.35 points or 0.01% to 15,576.20.


DIXON | Stock Analysis And Price Outlook   


Nifty Outlook


Key  Data

Put Call Ratio - 24/06/2021

Put Open Interest29107.80 K
Call Open Interest17773.58 K
PCR Open Interest1.64
PCR OI ReadingStrong Bearish
Put Contracts Traded293098.00
Call Contracts Traded249244.00
PCR Volume1.18
PCR Vol ReadingStrong Bearish

Put / Call Options

Call Max Traded Strike Price16000.00
Call Max Traded SP Contracts47231
Call Option Open Interest17773.58 K
Call Option OI Chg %-1.33
Put Max Traded Strike Price15500.00
Put Max Traded SP Contracts38302
Put Option Open Interest29107.80 K
Put Option OI Chg %0.639

CHEMCON | Stock Analysis And Price Outlook 

Futures of NIFTY

Closing Price15616.75
Premium/Discount40.55
Price Change-1.40
Change %-0.0090
Future OI10064.25 K
OI Change %-5.92
Future Contracts89.58 K
Contracts Change-11.55



Chart & Outlook


As discussed yesterday outlook that Nifty is still strong and Nifty will recover from the second half and market behaved on our expectation. We also discussed that still trend is intact and this recent correction should be utilized as a buying opportunity as Nifty can show a sharp recovery.

So those who followed our outlook and bought Nifty in the second half have made profit today and tomorrow they will make more profit. As  today correction  ended and tomorrow we can see a sharp recovery in the Nifty in upside direction. 

As tomorrow is weekly expiry too so market can show choppiness but overall trend will be in the bullish side and Nifty can again close on a New All Time High.
 
Today PE maximum open interest shifted from 15000 to 15500 which indicates that Nifty is heading towards 16000 marks. 

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.

Nifty can test 15683- 15714 in upside and in downside  15502 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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