NIFTYlogy for 3rd June

Indian markets had a gap up opening of 160 odd points before it slipped into a negative zone.
Profit booking was seen at higher levels.
Most of the Asian markets ended negative.
Markets are looking heavily overbought.

NIFTY Trin - 1.694
Nature - Overbought

NIFTY Levels for 3rd June :
Spot - 4525.25
Support -4455.5 and 4385.85
Resistance - 4590.55 and 4656

Stocks looking strong for short term : HCC , LNT, RNRL, Cairn India and Hotel Leela.

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Higher opening and volatile trade, ends with moderate gains.

The day started off with a gap up opening and ended with some moderate gains.
FII ended as net buyers.
Asian markets were trading higher and ended higher.
Mid caps were trading higher.

NIFTY magic levels :
NIFTY Spot - 4529.9
Support - 4471.10 and 4413.55
Resistance - 4566.7 and 4603.25

NIFTY Auto generated technical analysis.

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NIFTY , Gain's , UPA and Profit booking.

Yesterday we saw the Indian Markets moving north. Today we started off in red and later the markets started picking up. Markets were up over 600 points on BSE before it witnessed profit booking ending up in red.

Volatility was very high.
The total turnover was remarkable. Over 1.4 lakh crores.

NIFTY Overall mode is Bullish.
NIFTY Trin at 0.65

NIFTY logy -
Current Spot - 4318.45
Support - 4150 and 4020
Resistance - 4490 and 4580

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Nifty Daily Chart Analysis (2849)

EOD chart has formed “Bullish Engulf Pattern” with “Hanging Man Pattern” on Friday. We are stick to same view as we advocated last week, Nifty is bullish above 2869 level on closing basis. Currently Nifty is well above its 13 EMA(2816) and 34 EMA(2867) which suggest there is some amount of Bull steam is left for near term although that doesn’t mean that market is bullish , for intermediate term outlook is still bearish unless and until if closes above 3147. Currently trend line support exist at 2800. Daily RSI and MACD is exhibiting positive divergence where as Stochastic is in over bought region.

Support:- 2841/2827/2815

Resistance:- 2929 /2953

By Dhawal Joshi

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