In Nifty Outlook of 30 June, 2022 expiry, we analyzed Nifty on Monthly, Weekly, Daily & Hourly time- frames.
Below was the summary for our analysis:
It indicates complete bearishness in market, as price has broken the major support zone with big red candle. However, it’s gained some support from 1500 levels.
After getting resistance 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.
However, 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.
Now in past week, you can notice the good amount of consolidation at 15200 levels, from there Bulls took nifty to 15700 twice forming a W pattern on a hourly timeframe.
Now, going forward on a Daily time-frame if we analyse:
On Monday – we witnessed a gapup with continuous selloff from the High o 15920 levels.
On Tuesday – a gap down with continuous buying from the low of 15700, closing in green.
On Wednesday – again a Gap down, with buying from the lows of 15700 levels.
So market has been very volatile in this week, not giving a clue of any direction. However 15700 coming up as a strong support zone, however 15900-16000 still a resistance zone to be broken.
Now let’s analyse chart on a Hourly time-frame:
- From the levels of 15700 a big Gapup with the high of 15900. From then Nifty falling with Lower low formation.
- However 15700 is still supporting bulls.
- Market is very volatile and is in a indecisive stage. Breakout of either 15900 or 15700 can determine further trend of market.
The bears dragged market from the high of 15800 to 15200 levels (600 pts).
Now at these levels, there is a tough fight between Bulls & Bears.
Bulls not ready to give 15200 support zone.
Bears are continuously giving pressure, and was not going above 15700.
But In this expiry Bulls gathered and broke 15700 levels. However from there it came twice to test the level but still the level is held by Bulls.
So in this expiry two important levels are must to watch:
Resistance – 15900
Support – 15700
However, Bulls are continuously trying to defend 15700 level it seems if market spend more time above this level that will give more time to bulls to gather power and break 16000 level soon.
But if, 15700 level is broken, then downtrend may continue.
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