NIFTY WEEKLY PREDICTION & TRADING TIPS FOR 6 JUNE TO 10 JUNE 2022

WEEKLY RESISTANCE PIVOT POINT WEEKLY & CHART

Type	R1	R2	R3	PP	S1	S2	S3
Classic	16,543	16,734	17,054	16,223	16,032	15,712	15,521
Fibonacci	16,418	16,539	16,734	16,223	16,028	15,907	15,712
Camarilla	16,399	16,446	16,492	16,223	16,305	16,258	16,211

DAILY RESISTANCE PIVOT POINT SUPPORT CHART  

Type	R1	R2	R3	PP	S1	S2	S3
Classic	16,701	16,775	16,905	16,572	16,498	16,369	16,295
Fibonacci	16,650	16,698	16,775	16,572	16,494	16,446	16,369
Camarilla	16,646	16,665	16,683	16,572	16,609	16,590	16,572

Our market's late recovery over the past week appears to have anticipated some easing on the global front. Consistent with this, we see a comfortable environment globally, which has resulted in a gap opening in domestic markets to start the week cheerfully. The leading index, the Nifty, opened up almost 200 points to set the tone for the entire week. As the day progressed, gains gradually extended across the index, but a number of individual stocks performed extremely well and continued to hum throughout the remainder. Finally, the bullish day ended convincingly above 16600, with the bulls pocketing a few more % into Friday's close. Our markets started Tuesday sluggishly as indicated by the Nifty earlier this morning. However, post the opening; We saw a gradual recovery to almost test the 16700 level. But as we entered the last hour the market was looking jittery which eventually led to a sharp decline to end the day just below 16600, losing nearly half a percent from the previous close. Although indicated a slow start on Wednesday, our markets opened marginally in the green at 16600. Some consolidation followed in the first half of the year; but as we entered the latter, some hesitancy was evident in the broader market. As a result, the Nifty crept below 16500 and even slipped slightly below 16450 in the hour before last. Luckily the banking room came to a rescue and lifted the market to eventually reclaim the 16500 on a closing basis. The Indian stock market enjoyed a strong expiration session on Thursday, with the tentative open led by weak Asian cues being bought by D-Street bulls. The grand move was supported by broad-based buying, which boosted overall market sentiment and showed participants' resilience. The benchmark index ended the expiration session near the daily high with gains of 0.64% and has reclaimed the 16600 level. On Friday 03 june 2022 The benchmark indices ended moderately lower amid volatile session, while the broader space was under selling pressure. The Sensex fell more than 600 points from day's high to end with 49 points loss at 55769, and the Nifty50 shed 44 points to 16584.

NIFTY: A STRONG SUPPORT WILL BE @ 16200; STRONG RESISTANCE LEVEL SEEN @ 17000

Nifty formed a bearish candle on the daily scale while it formed a small-bodied bullish candle on the weekly scale, suggesting no follow-up buying and continued supply pressures at higher levels. Now it needs to hold above 16550 for an upward move towards the 16800 and 17000 zone while placing supports at the 16442 and 16400 zones.

TECHNICALLY SPEAKINGNifty's short-term uptrend status remains intact with no signs of a reversal from the highs yet. Further weakness from here could find strong support around the 16500 – 16300  levels and the Nifty could show upward movement from the lower levels. A sustained move higher could only be resumed above the 16800 hurdle.