Nifty Important levels and trade planning for Monday 06.06.22
At this time SGX Nifty is 116 points down then it’s previous days closings, and at fib level .786 which may act as support and probably may took a reversal, and then we may see a flat or small gap down for nifty on Monday. But if SGX Nifty breaches its current support level and continue its move then we may expect a heavy gap down of NIFTY on Monday.
If NIFTY opens below 16613 level, then there is high possibility that it will continue its bearish move as this the level of fib .5 for the current swing and at the same time central pivot line for next week’s weekly CPR, which will clearly offer a huge resistance. So for flat or small gap down opening with one negative candle we may enter into a bearish trade, Major support levels will be at 16519, 16441 and 16368. Any gap down opening of more than 150 points need to wait for price action to complete.
For flat or slight gap up opening-On Monday NIFTY has wide CPR, and for flat or minor gap up opening it will face resistance in all levels from 16613 to 16710. If it crosses 16710 level with positive price action then we can enter into a bullish trade. Major resistance levels will be at 16793, 16847 and 16920.
From OI data 16800 has huge OI build-up in CE side, and for PE 16500 and 16300 has heavy OI present. So, these levels will definitely act as supports and resistances.
If NIFTY opens below 16613 level, then there is high possibility that it will continue its bearish move as this the level of fib .5 for the current swing and at the same time central pivot line for next week’s weekly CPR, which will clearly offer a huge resistance. So for flat or small gap down opening with one negative candle we may enter into a bearish trade, Major support levels will be at 16519, 16441 and 16368. Any gap down opening of more than 150 points need to wait for price action to complete.
For flat or slight gap up opening-On Monday NIFTY has wide CPR, and for flat or minor gap up opening it will face resistance in all levels from 16613 to 16710. If it crosses 16710 level with positive price action then we can enter into a bullish trade. Major resistance levels will be at 16793, 16847 and 16920.
From OI data 16800 has huge OI build-up in CE side, and for PE 16500 and 16300 has heavy OI present. So, these levels will definitely act as supports and resistances.