Let’s start this expiry outlook with analysis of: Monthly, Weekly, Daily, Hourly time-frames.
- Major resistance zone 18000-18300, got rejected several times from this zone.
- Nifty found support at 15700-16000 zone twice in March & May Month.
- Nifty falling with Red candle in last 2 months.
- Current month (June) candle is currently falling with red.
- Monthly time-frame indicates bearishness in market, but price is near support zone, which can be tested.
- Nifty falling in Lower High – Lower Low pattern.
- Latest fall from 18100 levels up-to the support zone of 15700-16000.
- Bounced back from support zone to 16800 level, from where it resumed down-trend with hammer pattern formation at 16800 levels.
- Latest weekly candle of past week, is red Marubozu candle gives confirmation of continuation of down-trend.
Daily Time-frame Analysis
- After falling from the high of 18100, Nifty found support at Major Support zone of 15700-16000.
- Also, broke 16400 level with W pattern breakout.
- From the resistance level of 16800, it keeps falling. However, it shown some decisiveness at 16400 zone on last Tues, Wed & Thurs. But on Friday, Bears took charge & clearly broke 16400 level and opened path for further down-move.
Hourly Time-frame Analysis
- From the resistance revel of 16800, Bears kept hammering Nifty with lower-high, lower low pattern.
- However Bull tried to defend 16400 zone, where they struggled for 3 days.
- But, on Friday Bulls lost their 16400 territory & Bears showed their power by which they were able to drag nifty from 16800 levels to 16200 levels (600Points).
- Bears took charge, from the level of 18100 they dragged Nifty to 15700 zones (2400 pts).
- From 15700, Bulls tried to recover and took Nifty up-to 16800 (1100 pts).
- But Bulls again lost at 16800 and bear dragged market to 16200 now (600pts).
- So its clear, Bears are in full charge of Nifty, they can take nifty to the Major support zone of 15700-16000, where Bulls can again gather to fight.
- However, if Bulls are able to take Nifty above 16400-16500 zone in next week, that can give new hope to Bulls to re-conquer 16800 zone and move forward up.
- As long as Nifty is below 16500, Nifty is at Sell on Rise state, where every rise will be hammered by Bears. However 16000 will give support to Bulls which is worth defending if Bulls want a come-back.
Support & Resistance Zone
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