BANK NIFTY & NIFTY Thursday 4 June 2020 Daily Chart Analysis
(Morning update 8:30 am)
★ ★ ★
SGX NIFTY STATUS
SGX nifty is very important parameter in order to identify gap up/gap down opening. SGX nifty trading around 10068 (time 8:15 am, 4 JUN 2020) Which is -0.21 % Negative. As per current sgx level we can see flat or slight gap down opening today in our market. you can watch current status of SGX nifty by clicking the SGX nifty image.
NIFTY,BANK NIFTY OPTION CHAIN ANALYSIS
If we look at Bank nifty option chain data (04JUN2020) then Total open intrest on calls side around 55 lakh and puts side 65 lakh which means it shows call writers are less as compared to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 62.83 % on put side and 46.85 % on call side, Which means From Total OI its looks positive sentiments & IV data shows negative sentiments.
Similarly we can look for nifty option chain data. With that data also we are getting same sentiments.
You can see Option chain data by clicking Nifty 50 & Bank Nifty image.
BANK NIFTY CHART ANALYSIS
On Bank nifty(spot), 5 minute chart I have market important Support and Resistance and few trend line as shown in video.
As per sgx nifty level we are expecting flat or slight gap down opening today in our market. Which means bank nifty may open around 20800-21000.
1st possible scenario,If bank nifty able to break 20850 support then we can see fall up to 20630,20260.
2nd possible scenario if bank nifty able to sustain above 21050 then we can expect 21250,21440 levels upside.
You can see investing.com chart of bank nifty by clicking bank nifty image.
NIFTY 50 CHART ANALYSIS
Similarly if we look at nifty 50 (spot), 5 minute chart, today it will open flat or slight gap down around 10030-10060.
In nifty all important support and resistance I have marked as shown in video.
1st possible scenario if nifty able to break its support down side which is around 9980 we can see fall upto 9930,9880.
2nd possible scenario if nifty able to sustain above 10050 then we can see up move upto 10140,10170.
You can see investing.com chart of nifty 50 by clicking nifty 50 image.
By looking at all parameters and data points, I am sharing My personal view towards sideways to negative direction.
Note: After market opening we can see sharp fall for 10 to 15 minutes, but its weekly expiry both side moves possible so always keep Stop loss in your system.
CEO @ TechWorld Day Trader
Subscribe For Latest Updates
After subscribing you will be able to receive our daily Blog on Nifty, Bank Nifty Instantly on your Registered Email I’d.This service is totally FREE.