US Market Down?? - Nifty & Bank Nifty Today? Pre Market Report & Analysis 01 June 2023, Range

Pre market report, premarket analysis, Indian stock market, Nifty, Bank Nifty, 01st June 2023, why nifty going to crash, will nifty fall, nifty movement today, nifty range, nifty target.

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Hello every one, this is the pre
market report video for today Jun 1st
in the Indian stock market in
terms of nifty and bank nifty







Coming to technical,



Yesterday, nifty opened
gap down and it pushed below 18500, but buyers were back as buy on dip, but not
enough to recover. Thus it forms the short bearish candle with the long lower
shadow.



I mean, yesterday, it
traded with a negative bias for most of the session. Technically, this can be a
reversal formation, which is largely negative.



However, after an
intraday sell off, it bounced back. so As long as nifty holds 18480, the
positive sentiment is likely to continue and it could move up till 18600-18650.
On the flip side, a fresh sell off is likely if move below 18480 and nifty
could slip till 18400-18375.



But please not 18460 –
18400 is the the crucial support zone so it can make that as the base level
like how it formed in the last week 18000- 18400.



On the positive side, now
The hourly momentum indicator has reached the equilibrium line indicating that
the consolidation may might matured, and it can start a new cycle on the
upside. However, still some indicators are indicating nifty is in the
overbought zone.



Just for info, On the
monthly charts, there was a bullish candlestick pattern formation for the
second consecutive month, consistently making higher highs, and higher lows
formation, which is a positive sign.



And in case of bank
nifty, its too forms the exactly similar candle like nifty for the second
consecutive day. it shows that bank nifty is the one that driving the nifty.



I mean there was a
selling pressure in the first half. However, buying was witnessed in the last
hour. So its kind of caught in the middle, at 43500 buyers are showing interest
and the potential for a bounce-back. On the other hand, around 44500, sellers
are entering into the market. so lets waits and see.



Moving
on, based on options change in open interest,



some
number of put options were unwound at between 18,600 to 18800. significant number of nearby call options
were added between 18,500 to 18,600.



The
maximum, new nearby cal option added at 18600. So 18600 is the immediate resistance
to break



Then
from overall options open interest data, 18500 got the maximum put options
followed by 18300. Since 18500 is the short straddle.



Thus 18300
is the support to look out and 18700 is the strong resitance.



Then
coming to bank nifty



based on
overall open interest data. Huge short straddle is at 44000.then the next
nearby maximum cal option open interest is present at 44500.



So 44500
is the resistance to break.



Regarding
put option open interest, 43500 is the next nearby maximum put options.



Thus
43500 is the immediate support.



So
that’s all in this video