NIFTY WEEKLY EXPIRY OUTLOOK NOTE FOR 9TH JUNE 2022 FOLLOW-UP NOTE

8 June 2022
3 mins read
NIFTY WEEKLY EXPIRY OUTLOOK NOTE FOR 9TH JUNE 2022 FOLLOW-UP NOTE

In Nifty Outlook of 09 June, 2022 expiry, we analyzed Nifty on Monthly, Weekly, Daily & Hourly time- frames.

Below was the summary for our analysis

Monthly – Nifty in Consolidation phase with Support of 15700.

nifty prediction

Weekly – Falling Range with LH-LL formation, took support of 15700 & then Shooting star candle with High of 16800.

nifty prediction

Daily – Breakout of resistance level of 16400 with W pattern, with Red Marubozu candle with high of 16800.

nifty prediction

Hourly – Impulsive down-move from the high of 16800.

nifty prediction

Now, going forward on a Daily time-frame if we analyse

On Monday – we witnessed support from 16440, but ultimately closed with indecisiveness.

On Tuesday – a Gap-down, closed in red, but again got support from the level of 16400 as wick of the candle indicates.

On Wednesday – a big red candle with wicks on both side.

So it can be seen that there is weakness in market started from the levels of 16800.

But wicks on lower side indicate that Bulls are in fighting mode, not ready to surrender easily.

nifty prediction

Now let’s analyse chart on a Hourly time-frame:

  • Last week Nifty was in Lower High, Lower low formation, but on Friday breaking out the zone with a Gap up it fell from the heights of 16800.
  • From 16800 levels it starting falling in Lower high lower low pattern. Until it found support at 16350 levels.
  • 16350 – 16400 zone is still acting as good support, Bulls not ready to give up this territory.
  • Now, the crucial resistance level is 16500. As from there Bears took charge multiple times.

nifty prediction

There is a tough fight between Bulls & Bears.

Bulls not ready to give 16350-16400 territory.

Bears are continuously giving pressure from the level of 16500.

So in this expiry two important levels are must to watch:

Resistance – 16500

Support – 16350.

However, bears seems more powerful as they dragged market from the high of 16800 to the lows of 16300 (500 Points), but Bulls are also not yet ready to easily give-up.

So If, Resistance 16500 is broken, then only we can assume that bulls will be able to defend their territory. Until then outlook is slight bearish.

If, 16350 level is broken with good volume and big candle, so that will be considered as the defeat of Bulls, then Bears will take market further down to the important level of 16000.

Let’s witness this fight together.

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