Wednesday, June 9, 2021

Stock Market Tomorrow | Nifty Outlook 10 June 21


 Nifty and  Stock Market Outlook 

Stock Market Today 

Profit-booking dragged the markets lower in the afternoon session. Traders got anxious as the World Bank slashed India's GDP forecast to 8.3 per cent for FY22, the fiscal year starting April 2021, as against its earlier estimate of 10.1 per cent.

The markets had started with mild gains and moved in a narrow range throughout the morning, as traders took some support with Trade Promotion Council of India (TPCI) stating that the proposed free trade agreement between India and the European Union would benefit domestic exporters as EU is one of the biggest traditional markets for the country. 

Traders were also energized as India's exports grew by 52.39 per cent to $7.71 billion during the first week of this month on account of healthy growth in shipments in sectors including engineering, gems and jewellery and petroleum products.

Finally, the BSE Sensex fell 333.93 points or 0.64% to 51,941.64, while the CNX Nifty was down by 104.75 points or 0.67% to 15,635.35.      

GRANULES | Strong Fundamental And Future Out Performer

Nifty Outlook

Key  Data

Put / Call Options

Call Max Traded Strike Price15800.00
Call Max Traded SP Contracts55837
Call Option Open Interest19868.62 K
Call Option OI Chg %1.73
Put Max Traded Strike Price15500.00
Put Max Traded SP Contracts64806
Put Option Open Interest31433.40 K
Put Option OI Chg %-1.05

Put Call Ratio - 24/06/2021

Put Open Interest31433.40 K
Call Open Interest19868.62 K
PCR Open Interest1.58
PCR OI ReadingStrong Bearish
Put Contracts Traded495986.00
Call Contracts Traded374416.00
PCR Volume1.32
PCR Vol ReadingStrong Bearish

EXPLEOSOL | Stock Analysis And Price Outlook

Chart & Outlook

Friends as discussed in yesterday market outlook that data and chart now showing sign of slightly weakness in Nifty. So now the time came that the strategy that we were following from the previous few trading session should be revised now.

BankNifty Outlook 10 June 21

We also discussed that now for tomorrow onward our approach should be cautious  instead of buy on dips that we were following previously. We also discussed that for today's session we should avoid Nifty because it is trapped in the narrow range of  15800 - 15700  until it give a clear breakout in either direction.

➤ Till the Nifty is trading above the 11543  level , we should consider it as a normal routine profit booking correction. We should not be panic. Instead we should prepare for a buying opportunity in trend reversal.

Now for tomorrow is Nifty Weekly expiry too . So market can remain choppy and volatile. 
As today Nifty fall unexpectedly very sharp so tomorrow a recovery can be seen in the first half to the levels of 15728 , but in the second half of the Market again a fall will be seen in the Nifty .
So  tomorrow we should avoid first half rise and don't buy Nifty but in second half when the trend showing reversal then buy Nifty PE option or short Nifty for the potential downside levels

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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