Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 6
Sensex surged 2,303.19 points, or 3.20%, to close at 74,382.24, while the Nifty 50 settled 735.85 points, or 3.36%, higher at 22,620.35.Nifty 50 formed a long bull candle on the daily chart with lower shadow on Wednesday, beside the long bear candle of Tuesday.Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US Private Payrolls to Nvidia shares“Technically, this pattern indicates bullish inside day type pattern formation. This market action signals a counter attack of bulls after one day of weakness in the market.
This is a positive indication. Nifty moved above the crucial hurdle of mid part of Tuesday's long range bear candle around 22,250 on Wednesday and closed higher," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.As per this theory, the next crucial hurdles to be watched are around the upper part of that candle around 23,200 levels, he added.Here’s what to expect from Nifty 50 and Bank Nifty today:According to the options data, the highest open interest (OI) on the call side is at the 22,800 strike price, followed by the 23,000 strike price.
On the put side, the highest OI is at the 22,200 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.Rahul Ghose, CEO of Hedged.in noted that the increased put writing at 22,600 levels and below indicates good support and the increased writing of the call OI at 22,700 and above strikes, the highest call OI at 23,000 levels shows Nifty has limited upside for this weekly expiry. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 6“However, on any weakness when we test the max pain at 22450 on the weekly expiry tomorrow, this should be a good level to build
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