On Friday, the Nifty ended in a tight range before ending
Friday , June 18 2021
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pre market session 7th june 2021

On Friday, the Nifty ended in a tight range before ending

On Friday, the Nifty ended in a tight range before ending with minor losses. The markets witnessed a sluggish start to trade as expected. The index traded in positive territory in the first hour of the session where it also marked its intraday high. Soon after, Nifty slipped into negative territory, where it spent most of the session.

However, the index moved in a narrow range and did not carry any definite directional bias. The headline index finally closed with a marginal decline of 20.10 points (-0.13%).

Nifty can see a positive start to the day once again. Volatility remains at its lowest level in recent months, and this warrants us to be wary of a possible reactionary move. While there are no signs that point to any major downside, from now on, momentum chasing, stop loss, and protection of profits at current and higher levels will be necessary. Options data shows that 15,700-15,800 levels are very tight resistance for Nifty.

Volatility increased as the India VIX rose 1.24% to 15.9400.

Although Nifty is in uncharted territory, the 15,725 and 15,790 levels will act as resistance points. Support will come at 15,580 and 15,500 levels.

The relative strength index (RSI) on the daily chart is 70.32; It is in an overbought zone but remains neutral as it shows no divergence against the price. The daily MACD is bullish and above the signal line.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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