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Episode 3387, Jun 04, 2021, 12:30 AM
The Nifty has been managing to test lifetime highs since the previous week.
On the options open interest front, (June 10, 2021 expiry), the highest open interest is seen at 16,100 Call options.
On the Put side, the highest participation is seen at 15,500 and 15,400 contracts. Thus, we can expect the broader range of the index to be 16,100-15,400.
On the indicator front, MACD plotted on the daily timeframe can be seen above the zero line, moving higher.
The distance between the two moving averages can be seen increasing, indicating rising bullish momentum in the trend.
Going ahead, 15,660 (June 1 high) will act as a key resistance level. If the prices break above it, we may see the index move higher towards 15,725 (127 percent extension level of the rise from 14,151-15,044 projected from 14,151) beyond which the gates for 15,986 (100 percent extension level of the rise 13,596-15,431 projected from 14,151) open up.
On the downside, the 15,431 (previous swing) is the level to watch out for. If the index slips below it, we may it move lower towards 15,330 (March 12, 2021 high), followed by 15,140 (multiple touchpoint level).