#Nifty Update: Why My Bullish Bias Remains Intact
Most traders are focused on the recent decline.
I am focused on what happened at support.
๐ Daily RSI formed a PD (Positive Divergence) on 30th March.
๐ The current pullback has stalled precisely inside the Golden Pocket (61.8%-65%) Fib retracement zone.
๐ Hourly and 2-Hour charts are now showing fresh PD structures and range-shift attempts higher.
This doesn't guarantee a rally.
But it does suggest downside momentum is weakening while risk-reward is improving.
Now combine that with what matters most:
The Heavyweights.
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#HDFCBANK has already formed Daily & Weekly PD with LP structure on 2 Day timeframe.
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#RELIANCE is showing Daily & Weekly PD near important support.
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#INFY has formed Daily & Weekly PD with LP structure and is attempting a larger reversal.
A sustainable Nifty rally requires heavyweight participation.
That participation is gradually emerging.
June Option Chain Observations
June option data continues to support a bullish structural setup.
๐ Massive Call OI at 24,000 acts as a directional magnet rather than a ceiling at this stage.
๐ Aggressive Put writing between 23,000-23,500 highlights institutional willingness to defend lower levels.
๐ PCR near 1.05 suggests participants are positioning for a breakout rather than preparing for a breakdown.
๐ Implied Volatility remains relatively subdued and stable across major strikes, indicating option writers are comfortable carrying short volatility exposure and are not pricing in panic or disorderly downside risk.
Taken together, the options market is currently pointing toward an orderly grind higher rather than a high-probability bearish expansion.
As always, option data should be used as supporting evidenceโnot as a standalone signalโbut when it aligns with price structure, intermarket analysis, and heavyweight stock participation, it becomes difficult to ignore.
Intermarket View
๐ฎ๐ณ
#USDINR
One of the most important charts right now.
Today's close is likely to confirm a Daily ND (Negative Divergence).
If confirmed, it would support the broader bullish case for Indian equities.
๐ข
#CrudeOil
Crude continues to display NR (Hidden Bearish Divergence) characteristics near resistance.
A softer crude environment remains supportive for India Inc., margins, inflation and market sentiment.
๐ด
#USDJPY
Perhaps the most under-followed macro chart among retail participants.
A successful breakout in USDJPY often reflects improving global liquidity and risk appetite, creating a favourable backdrop for equities worldwide.
My Working Thesis
I remain bullish for the remainder of June โ until price proves otherwise.
Not because of opinions.
Not because of predictions.
Not because of narratives.
Because:
โ Daily PD remains active.
โ Golden Pocket Fib support has held.
โ H1 & H2 are attempting range shift higher.
โ HDFCBANK, RELIANCE & INFY are showing Daily and Weekly PD LP structures.
โ Option positioning remains constructive.
โ USDINR is close to confirming ND.
โ Crude Oil remains constrained near resistance.
The path of least resistance appears higher.
If price confirms, I continue targeting a move toward the upper range and eventually the 24k zone.
If price invalidates, I will change my view immediately.
Agility over ego.
Price over opinion.
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Educational purpose only. Not SEBI registered. Please do your own research before investing or trading.