Nifty & Bank Nifty Today? Pre Market report, Analysis & Prediction - 07 June 2023

Pre market report, premarket analysis, Indian stock market, Nifty, Bank Nifty 07June 2023, why nifty going to crash, will nifty fall, nifty movement today, nifty range, nifty target

EIA Short Term Energy Outlook: -
https://www.eia.gov/outlooks/steo/pdf/steo_full.pdf

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Hello every one, this is the pre market report video for today
June 7th in the Indian stock market in terms of nifty and bank
nifty


Coming to technical,
Yesterday, as I said earlier, nifty had asignificant volatility
throughout the day, it opened slightly positve. Then that
followed a notable sell-off in the first half, and ultimately in the
end, in the last half hour, it recovers fully and moved above the
opening.
But the nifty aftermarket calculation made it down below
opening
And thus On the daily charts formed the bearish Dragonfly Doji
pattern, indicating indecision in the market.
Normally, such Doji formations after a reasonable up move or
down move calls for reversal. However, nifty consistently
holding a higher bottom formation. For now, 18550 would be the
trend decider level. Thus above 18550, nifty could move up to
18700-18750. On the flip side, below 18550, uptrend would be
vulnerable and, nifty could retest the level of 18480. Any further
correction, could drag it till 18440
Anyway, The overall trend remains positive, indicating that
there's an overall upward bias in the market. despite potential
resistance levels, the market is still expected to move in an
upward direction as long as it sustains above 18,550.
In terms of bank nifty, it forms the green Dragonfly Doji pattern,
signalling market indecision. This suggests that the overall trend
is expected to remain sideways, without a clear direction.
Like I said in the last premarket video, in the last 20 odd trading
session, bank nifty was struggled to pass through 43700-44500.
So till breaking those region I will be conscious on bank nify.
Then regarding open interest analysis, for nifty, From change in
open interest, there are some significant both cal option and put

option open interest unwound at 18500. and maximum new put
options open interest added in 18550.
Still its difficult t say any here.
Then in case of overall open interest, again, there is a huge short
straddle is present in the 18600 and followed by some in 18500.
Then the maximum put options open interest is also present in
the 18500. thus18500 is the support to look out for.
Then the next next maximum cal option is present at 18800 and
followed by 18700. So 18700 is the immediate resistance and
18800 is the strong resistance
Then coming to bank nifty,from overall open intrest, the next
maximum put options open intrest without cal option is present
at 43500 and in case of cal option, the maximum option interest
without put option is at 44500.
Thus 43500 is the immediate support to look out for and 44500
is the resistance to break.
So that’s all in this video.