as we have discussed in our last posts, NIFTY is consolidating in the assending trangle or Rising wedge. which is a netrual pattern. by looking at the formation of the pattern it seems the prepration of the upcoming pull back to downside.
Reasons:
Verdict:
Consolidation in the rising wedge.
Plan of action:
Sell 20200 CE and SELL 19950 PE
Reasons:
- Option chain PCR: 1.22 (Bullish)
- Consolidating in the assending trangle or Rising wedgewhich is netrual pattern might break to upside and also to downside. As this consolidation is after a long Bullish moment. there is higher probablity is will take a pull. back to downside.
- RSI is in the bullish range.
- VWAP >> Price
Verdict:
Consolidation in the rising wedge.
Plan of action:
Sell 20200 CE and SELL 19950 PE
Commentaire:
NIFTY is moving in Rising Wedge break to the downside will give nice fall to downside.
Finnova
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