18 June 2024

Dow closed nearly 0.6% up and pre market also it is trading nearly 0.15% up and SGX is up by 70 points. The bias for today is to buy on dips.

US market preopen
SGX Nifty

Nifty Bank Nifty levels based on chart

Nifty chart

Nifty support today will be 16980 and Resistance zone is at 17062 17088 if Nifty manages to sustain above 17088 we can see 17150 Bias today is to buy on dips

Bank Nifty Chart

Bank Nifty Chart

Bank Nifty has support at 39320 and resistance at 39629 above that we can see 39780

Nifty BN levels based on OI

Nifty OI

Nifty is seeing heavy PE writing at 17000 so this will act as support while CE writing can be seen at 17100 which will act as resistance

Bank Nifty OI

Heavy CE writing at 39500 shows the fall if any will come in BN above 39620 the CE writers will unwind giving another 150-200 points upmove

FII Data Analysis

FII data

Retails are heavily short so first half they will be forced to cover shorts leading to positive momentum fall if any will come in second half considering Finnifty expiry.

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