Let’s start this expiry outlook with analysis of: Monthly, Weekly, Daily, Hourly time-frames.
Monthly time-frame –
- June month candle has broken the major support zone of 15700, but recovered from the lows of 15200.
- Monthly time-frame indicates a bearish hold in the market, however there is support from 15200 levels, 16800 being major resistance.
- July month monthly candle is an Inside bar for June month bearish candle. On a monthly timeframe indecisiveness is the state for nifty.
Weekly Time-frame –
- After getting resitance from 16800, In last two week bears gripped the market with full power, broken the major support zone (15700-16000). However, in last week, Nifty got supported from 15200 level closing in green.
- Past weeks candle indicates indecisiveness in market, last week has been very volatile, gave no cues about future direction. For this week, 15900 will act as major resistance zone &15500-15700 being major support.
- This week candle has been bullish, from the lows of 15500, nifty is now trading above 16200.
Daily Time-frame Analysis –
- From 15200 level it bulls gathered their power to take market again up to 15700 level where market is trading with volatility in complete last week.
- In Past weeks, Bulls has broken 15700 level, but still there is no followup move upside, Nifty has been trading in tight range of 15700 – 15900 in past week.
- In this week, Nifty was trading with higher high higher low formation, indicates a bulllishness in Daily timeframe.
Hourly Time-frame Analysis –
- In past 5 days market been trading in tight range of 15700-15900 zone.
- On Friday, bears broken 15700 level but bulls pulled it again back to 15700 from the lows of 15500.
- Nifty is making gap ups in last days but, trading in tight range. However trend is bullish.
- At 15200 But tried to fight and took Nifty to 15700 level.
- 15700 acted as resistance for Bulls. However from 15200 Nifty was moving up with lower high lower low form.
- 15700 has been broken by bulls, from there it went upto 16000 level
- In past few days nifty broke 16200 level which indicates bullishness in market.
So important levels to watch:
Support & Resistance Zone
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