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Nifty Daily Chart - EoD 14-Jun-24

Market Overview – Last Week

Weekly :
Volatility: Low
Trend: Bullish
Momentum: Moderate

Daily:
Price: Above Base Line and Ichimoku Cloud
Trend: Bullish
Momentum: Moderate

Sectors OutPerformed Nifty 50:
– Auto
– Energy
– Pharma
– Media
– Realty
– Infrastructure

Sectors UnderPerformed Nifty 50:
– IT
– FMCG
– Metal
– Finance
– BankNifty

Nifty Future: Long Buildup
IV & HV: IV Less than HV (12.82 < 30.49) IV decreased from 16.88 last week
Support Level (OI): 23000 (no change since last week)
Resistance Level (OI): 24000 (no change since last week)
Put-Call Ratio: 1.31 (increased from 1.1 last week)
Option Pain: 23400 (increased from 23000 last week)

Cash Market Data:
FII – Net Buyer 2,031 Cr. (Net Buyer last week 13,718 Cr)
DII – Net Buyer 6,293 Cr. (Net Buyer last week 5,578 Cr)

Future Market Data:
FII – Net Buyer 10,311 Cr. (Net Buyer last week 7,703 Cr)

Observation:

1. Nifty Future: Long Buildup along with PCR at 1.31 increased from 1.1 last week. Gives an indication of bullish move
2. BankNifty Future: Long Buildup, indication of bullish move, PCR at 0.94 increased from 0.73 last week. Price is above Baseline & cloud but with a doji (indecision)
3. Nifty chart showing a pause, last Resistance broken around 23350
4. FII are net Buyer in both Cash and in Future. DII are net Buyer in Cash segment. Overall bullish bias
5. Nifty PCR (Put-Call Ratio) is 1.31 increased since last week to confirm bullish bias

Inference:

1. Nifty is at all time high with moderate momentum. Immediate resistance is around 24000 as per Open Interest. May remain in range of (23000-24000) level. Better to avoid any directional trade in short term
2. BankNifty bullish bias, momentum is moderate. Immediate resistance at around 51000. May remain in range (50000-51000). PCR at 0.94, increased from 0.73 last week. Better to avoid directional trade in short term until any confirmation is seen

Outlook & Strategy for the Week [ 10-Jun-24 to 14-Jun-24 ]

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