Nifty futures tested a low of 8001.1 on tuesday follow by a recovery very next day. The hourly timeframe in both nifty futures and bank nifty futures turned to buy mode in the second half of the yesterdays trading session. Currently the support zone comes around 8018 and 17436 respectively. Trend could reverse if the support zone breaks on the hourly charts on closing basis.
Nifty EOD Charts
Nifty EOD charts with William VIX FIX turning down from the uptrend move suggests a possible bottom in place. This will negate if nifty closes below 8080 on hourly basis suggests a possible weakness on the EOD charts.
Nifty Open Interest Lookup
Nifty Option Open Interest Chart suggests that 7800PE and 8000PE holds the highest open interest on the put side and 8300CE and 8500CE holds higher open interest on the call side. Major Open Interest addition seen in 7800PE.
RRG Studies shows that CNX Metal is likely to start outperform in couple of session. CNX IT, CNX Infra are the possible outperformers. CNX Auto momentum is increasing and could enter from lagging to improving quadrant in couple of sessions.
Falling momentum in CNX Realty, CNX PSU Bank, CNX Pharma suggests strongly underperforming with respect to Nifty.
12th June – Indian Industrial Production YoY numbers
12th June – Inflation YOY Numbers
15th June – WPI Inflation YOY Numbers
Bank Nifty Hourly Charts
Hourly charts reversed to downtrend in Both Nifty and Bank Nifty Futures