Nifty Profitable Strategy : Will Nifty Fall?

#Nifty Spot View: 06/06/2023

CMP: 18593.85

Moving AVG (EMA) 20 Hour & 40 Hour: 18575 & 18548 

Moving AVG (EMA) 20 Day & 40 Day: 18362 & 18156 

Support & Downside Range: 18568—18550—18525--18495

Resistance & Upside Range: 18640—18663 zone, 18720

Short Term Trend Reversal Level: -- 18419--18359

Trading View: Ahead of global weakness we are trading in small range with positive bias, in today's trading session key support to watch is 18568-18550 as long as this holds bias remains strong whereas break below 18550 for time being intraday trading bias goes sideways, upside now 18640—18663 acts as immediate intraday resistance break above this zone intraday move gets extend towards 18720 minimum.

Nifty Elliot wave marking can be seen in the chart above and you can check the queries for following below keywords and donot forget to check our best performing nifty option tips on our website by clicking the link. Market has a bullish bias as nifty put premium for same strike distance from call is less than the call premium which means that market has a bullish bias.

however, we need to understand the index which goes up has to fall also but we may not see a steep fall and may see a 200-300 point correction and that is the right time to buy the index or stock.

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