Monday, May 31, 2021

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 1 JUNE 2021

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Fresh breakouts, fresh highs and fresh closing seen in today’s session as index managed to closed a day at 15575 with gains of nearly one percent. Benchmark indices continued the gaining momentum on May 31 with Nifty hitting fresh record high of 15606. intraday session supported by the metal, energy and banking stocks. The Nifty50 hit a fresh record high on Friday but the Sensex is still 1000-point away from its last high of 52516, recorded on February 16, 2021.

The market witnessed a strong trend and an attempt to overcome the resistance level around the Nifty 50 Index level of 15600. While breakout above 15600 is the key factor from a short-term perspective, maintaining above 15250 level market to gain momentum to increase the odds for a movement until 16000. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

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Resistance: 15650, 15750, 15850

Support: 15550, 15450, 15350

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