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The Indian stock market has been going through ups and downs for the last few sessions. Even in the trading session of June 11, Nifty traded in a very limited range (range-bound) for the second consecutive day. However, it is a matter of relief that the index somehow Psychological level of 23,100 Managed to save. The overall market sentiment still looks a little closer to the bears, as Nifty has slipped below all its important moving averages.
On the other hand, some strength seems to be returning in Bank Nifty, which has brought relief to short-term traders. Let us understand in detail what the technical charts, RSI, and pivot points are giving for today’s trading.
1. Technical analysis and important levels of Nifty 50
If we look at the daily chart, Nifty has formed a bullish candle with a small body, whose upper shadow is quite long. In simple words, whenever the market is trying to reach higher levels, there is heavy selling pressure (Profit Booking). The index is currently trading near its lower Bollinger Band.
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RSI: it fell 37.86 But has arrived, which shows continued weakness in the market.
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MACD: It is still below the signal line, although its red histogram bar is now getting shorter, indicating that the pace of the decline may be slowing down a bit.
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Important Zone: According to experts, for Nifty Area of 23,400–23,500 There is a huge resistance. New momentum will come only by staying above it. Right there, down below Range of 23,050–23,000 Acting as a strong wall (support). If this wall is broken, a new phase of recession may begin.
Nifty levels based on pivot points:
2. Bank Nifty: Strong signs of recovery
Compared to Nifty, the chart of Bank Nifty is looking much better and stronger at this time. In the last session this 0.14 percent increase Managed to close with. The best part is that Bank Nifty remains firmly above its 20-day and 50-day exponential moving averages (EMA).
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Fibonacci Retracement: The index remains above the 38.2% Fibonacci retracement level of April’s big rally for the third consecutive session, indicating its positive broader trend.
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RSI: it 55.24 But it is completely stable and trading above the signal line.
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MACD: In this, the green histogram bars are continuously getting bigger, which is maintaining a bullish crossover (bullish signal).
Bank Nifty levels based on Pivot and Fibonacci:
3. Other key indicators showing market mood
Before taking a trading decision, it is important to understand these three big triggers:
India VIX (Volatility Index)
India VIX shows how much uncertainty or fear there is in the market. In this Slight decline of 0.13 percent has come and now 15.61 level But it has arrived. For the bulls, it is important that this index comes below the level of 15 and remains there, only then the path will be clear for a big one-sided rally in the market.
Put-Call Ratio (PCR)
Nifty’s put-call ratio, which gauges the market mood, will be on June 11. increased to 0.99 It has become 0.93, which was 0.93 the previous day. PCR approaching 1 indicates that traders at lower levels are now increasing put writing, which can gradually turn the bearish sentiment towards neutral or bullish.
Stocks under F&O ban
Following are the positions currently on the list of restrictions due to market wide position limits exceeding 95% in the derivatives segment:
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New stocks included in the ban list: nobody
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Stock already banned: Kaynes Technology India
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Stocks left out of the ban list: nobody
Trading Tip: In today’s session, good momentum can be seen in banking shares and data center related companies, whereas in the metal sector, it is advisable to remain cautious and create short or long positions only at the right levels.