Tuesday, June 15, 2021

Stock Market Tomorrow | Nifty Outlook 16 June 21

  


Stock Market Today 

The BSE Sensex climbed 221.52 points to 52,773.05, while the Nifty50 rose 57.40 points to 15,869.30 .

We observe a formation of Doji, Hanging Man and again Doji patterns in the last three sessions around 15,800-15,900 levels. All these patterns at the highs indicate a weak bias for the market. Though the Nifty is placed at highs, there is no confirmation of any reversal pattern at the highs. This pattern again raises concern for bulls to sustain the higher levels,


MANGALAM | Potential Performer | Stock Analysis And Price Outlook



Nifty Outlook


Key  Data

Call option data

Maximum Call open interest of 25.84 lakh contracts was seen at 16000 strike, which will act as a crucial resistance level in the June series.

This is followed by 16500 strike, which holds 18.45 lakh contracts, and 16100 strike, which has accumulated 17.18 lakh contracts.


Put option data

Maximum Put open interest of 32.2 lakh contracts was seen at 15500 strike, which will act as a crucial support level in the June series.

This is followed by 15700 strike, which holds 21.42 lakh contracts, and 15600 strike, which has accumulated 16.63 lakh contracts.



Chart & Outlook


Though the Nifty is placed at highs, there is no confirmation of any reversal pattern at the highs.
We observe a formation of Doji, Hanging Man and again Doji patterns in the last three sessions around 15,800-15,900 levels. All these patterns at the highs indicate a weak bias for the market. Adopt wait and watch.
Key support levels for the Nifty are placed at 15,834, followed by 15,801. If the index moves up,the key resistance levels to watch out for are 15,898 and 15,938.





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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