NIFTY VIEW- 19 JUNE

Today in the morning I was skeptical of an up move in the Nifty as the hourly charts were showing Nifty in overbought region. We traded long in the morning and went short later. For tomorrow Nifty hourly charts is in oversold region. The monthly retracement level is at 4547.
Taking these factors and open interest into consideration there is a possibility that Nifty may open low and take support at 4547 levels and then we may see a dead cat bounce to 4593. If Nifty can cross this then we will see 4633. However on the other hand if Nifty breaks 4547 and trades below then we are certain to see new lows in the coming weeks.