Monday, June 7, 2021

Stock Market Tomorrow | Nifty Outlook 08 June 21


 Nifty and  Stock Market Outlook 

Stock Market Today 

Indian equity benchmarks closed on a positive note with both the indices at record closing highs on Monday, as investor sentiment was lifted after some states eased lockdowns and daily COVID-19 cases in the country hit a two-month low. 

Markets started the week on an optimistic note and traded with positive bias throughout the day, as traders took encouragement with data showing that GST tax collections remained above Rs 1 lakh crore mark for the eighth straight month in May, indicating that the impact of the devastating second wave of Covid infections on the economy may have been limited.

BSE Sensex rose 228.46 points or 0.44% to 52,328.51, while the CNX Nifty was up by 81.40 points or 0.52% to 15,751.65. 

TIMETECHNO | Future Outperformer | Analysis And Outlook

Nifty Outlook

Key  Data

Put / Call Options

Call Max Traded Strike Price16000.00
Call Max Traded SP Contracts36632
Call Option Open Interest19431.00 K
Call Option OI Chg %2.14
Put Max Traded Strike Price15700.00
Put Max Traded SP Contracts35566
Put Option Open Interest31470.38 K
Put Option OI Chg %2.80

Put Call Ratio - 24/06/2021

Put Open Interest31470.38 K
Call Open Interest19431.00 K
PCR Open Interest1.62
PCR OI ReadingStrong Bearish
Put Contracts Traded351967.00
Call Contracts Traded245497.00
PCR Volume1.43
PCR Vol ReadingStrong Bearish

THEMISMED | Potential Outperformer

Chart & Outlook

Friends as discussed yesterday that we should follow buy on dips strategy and Nifty moved on our expectation and closed near about the levels that we provided in our yesterday market outlook.

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.

If  feeling fear to buy Nifty at all time high levels , no problem avoid , but don't short Nifty until we see a clear trend  reversal .

Highest CE open interest is at 16000 level and will act strong resistance level  and in downside highest PE open interest build at 15700 level , which will act immediate support for Nifty.
For tomorrow 15702 will act as important support  and in upside 15798 will act as important resistance. Tomorrow Nifty can remain sideways with negative nature , no major move will be seen.

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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