Thursday, June 17, 2021

Stock Market Tomorrow | Nifty Outlook 18 June 21

  

nifty tomorrow outlook , finvestonline.com

Stock Market Today 

The Nifty opened lower and traded in the red for the most part of the session to close below 15,700, continuing the downtrend for the second day on June 17. Banking and financials, auto, metals and pharma stocks pulled the index down.

The Nifty started off lower at 15,648.30 and made a successful attempt of recovery to hit the day's high of 15,769.35 in the morning trade. It, however, slipped immediately to hit an intraday low of 15,616.75. In the last hour of the session, it narrowed losses to close 76.1 points down at 15,691.40.


IEX | Stock Analysis And Price Outlook



Nifty Outlook


Key  Data


Options data indicated that the Nifty could see an immediate trading range of 15,500 to 16,000. Maximum Put open interest was seen at 15,500 followed by 15,000 strike, while maximum Call open interest was seen at 16,000 followed by 16,500 strike. Call writing was seen at 15,800 then 16,000 strike, while minor Put writing was seen at 15,000 then 15,200 strike.





Chart & Outlook

nifty tomorrow outlook , finvestonline.com

Friends , until Nifty is above 15406  there is no need to do panic as still long term trend is intact and this recent correction should be taken as a normal routine correction. Infact 2-4 % correction is a healthy sign in a  bull run. This correction should be utilised for buying specific stocks at lower prices .

Today Nifty formed an Inverted Hammer or Shooting Star on the daily chart that indicates a pause in bounce back . Currently avoid long positions in Nifty until it closes above 15830. Bounce can be used as taking short position with cautious . In downside 15606 and 15566 are immediate 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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