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Nifty Prediction for Tomorrow, 6th June 2024. Expiry Analysis
Nifty see heavy buying after a stupid fall on Tuesday, once again making it over the 22,600 level which is a good sign for the market. Looking ahead for tomorrow it might see a Volatile market taking the weekly expiry in account.
I am totally wrong for today – as I predicted that the market might fall to the 21,500 level but yeah, the volatility was there in the morning which took it up and down in the early trading session, making an intraday low of 21,791.05 but as the market digests the news that NDA government is going to make the Central Government, market headed upward, making it above the 22,500 level.
Looking at the sector that pushed Nifty above the level of 22,500 (which was before the level of Exit Poll manipulation) is mainly Banking, FMCG, Auto, and Consumption which soared more than 4% each.
I will not hesitate in saying that these exit polls tried to manipulate the market, and they somewhere succeeded, as Nifty rallied – corrected – and settle around the previous level of 22,500, (I don’t know that who makes money in this manipulation, but yeah, it is a manipulation).
Looking at the Nifty 50 Stocks,
Then all the Nifty 50 and Nifty Bank stocks are trading in Green which is rare, led by the index heavyweights like HDFC Bank, ICICI Bank, ITC, Axis Bank, and others.
Top Gainers: Adani Ports, Indusind Bank, Hindalco, Mahindra & Mahindra, Hero Motor Corp, Tata Steel
Top Losers: No losers in Nifty 50
Also Read: 7 Best Solar Energy Stocks in India for 2024. CAGR Growth of 30%
Nifty50 Prediction for 6th June 2024
Yeah, Nifty rallied on Tuesday led by the Banking, Auto, and FMCG sector, but Nifty is currently around its resistance level of 22,800, which is a major resistance for Nifty, as acted earlier.
Looking at the technical chart, then Nifty formed an Inside candle on the daily time frame which indicates an indecisiveness in the market.
But the theory says that if an Inside Candle formed at the top or bottom then there may be potential reversal, but if it is formed on the support level then market might go up and this time Nifty is at its support level of 21,800 – so theoretically it should go up on Thursday, 6th June 2024.
Who knows,
Anyway,
As Nifty formed an inside candle at the support level which indicates that it might go up tomorrow, but on the upper side, Nifty has a possible resistance at 22,800 which is a strong one, which might stop the upward movement in Nifty for Thursday.
What to Expect from Nifty50 on 6th June 2024
So, On Thursday, 6th June 2024 – Nifty may open flat or a little gap up above 22,650, taking it toward the 22,800 level but the psychological resistance level of 22,800 may push it lower.
Taking Weekly Expiry in focus, Nifty may see a Volatile market tomorrow, which might put Nifty under pressure and it may fall below the support level of 22,500 if it fall below the 22,600 level in the early trading session.
So, the summary is – if Nifty stays above 22,600 then it might go up toward the 22,800 level, but if it falls below and faces resistance from the 22,600 then it may fall below the 22,500 level.
So here are the trading levels for Tomorrow – 22,500 – 22,800
Nifty Put and Call Open Interest Data
| Put OI (Open Interest) | Call OI (Open Interest) |
|---|---|
| 22,000 (64.64L) | 23,000 (1.24Cr) |
| 22,500 (36.75L) | 22,500 (43.54L) |
| 22,200 (27.55L) | 22,800 (36.73L) |
Nifty50 Support and Resistance for 6th June 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 22,500 | 22,800 |
| 22,400 | 23,000 |
| 22,200 | 23,200 |
Nifty Trade Strategy for 6th June 2024
Nifty is currently in Recovery mode, as it rose more than 3% today, which is a great comeback by the index.
So I am expecting that it will continue its upward movement as it formed an inside candle at the support which indicates an upward movement, and also the PCR is around 1.0 indicates a buying interest in the market.
So, here are the trading setup for thursday,
If Nifty stays above the 22,600 level in the early trading session then we can go lon till the next resistance level,
But if it falls below 22,600 level and facing tough time crossing it then it might fall below further below the 22,500 on Thursday, so going short is a good option in this case.
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
