NIFTY DAILY TECHNICAL REVIEW - 5 June 2018

• Previous Day Candles : Long Bearish Engulfing - Covering Prior Four Sessions Candle.- high made 10770 
• Candle Formed Today :  Bearish Hammer with long lower shadow - signalling some demand near 10550 levels. - However did not convey much as it is formed just after 1 bearish candle.

• Nifty closed in negative down  by 35 points  closing @10593.15
• Took support at .382 Fibonacci Ratio of previous rally swing [ 10929 - 9951 ]  where nifty met some buying making low of 10550.
• RSI stands @48 ( previous day rsi 50 moved bit lower) 
• On seeing Today's Candle,  nifty may spend some time in the range of 10550- 10700, before trending in any direction.
• Near term resistance can be seen at 10620 and 10700- 10730 zone.
• Near term support can be seen at 10550  and 10440 levels.
• Lower top formation is there on chart , hence need to break above down-sloping trendline and previous top , for the trend to continue on the upside.

Data Points:-

Call

1. Maximum Call Open Interest stands @ 11k. ( 4.5M ) 
2. Followed by 10.7K ( 3.3M ) and 10.8 k ( 3. 1M)
3. Maximum Addition in Call OI seen @ 11K , 
4. Followed by 10.8 k and 10.9 k

Today's data suggesting nifty could face quite good resistance @10700 levels, followed by 10800

PUT

1. Maximum Put Open Interest stands @ 10.2K( 3.5 M)
2. Followed by 10.6K ( 3.4M) and 10.5 k ( 2.9M)
3. Maximum Addition in Call OI seen @ 10.1K
4. Followed by 10.4K and 10.5K

Today's data suggesting nifty could face quite good support @10600 levels, followed by 10500.

Combined Analysis

Above 10620 , nifty could move upto 10700, 10800

Below 10550,  nifty could move upto 10500, 10440.