NIFTY prediction for tomorrow 4th MAR
As we discussed NIFTY's bullish behavior in our last analysis, the Market (NIFTY) moved up 280 points.
If we look at the chart data:
The Market is trading at the resistance trendline zone. Also price >> EMA(200) (TF = 30 min) and EMA(13) >> EMA(200). This indicates that the Market needs some correction or consolidation at this point. Also, the Market is in an uptrend channel, which has formed a Higher High(HH). There is a possibility to form a higher low now.
If we look at OI Data:
PCR = 1.28, which shows the Market has bullish sentiments. There has been a huge PE writing at 22400. But if we look at the combined PCR = 0.99, it shows that the Market is likely to come down for some correction to form a Higher Low.
FII & DII data: FII is medium bearish because the Market is trading at the resistance trendline. Clients are bullish because the Market is trading at ATH.
I am expecting the Market to get some correction, at least till the level of 22200 (Fib 0.38 levels).
Reasons:
Verdict:
Sideways or Bullish
Plan of Action:
Case 1: Iron condor in range 22300-22450.
Case 2: Sell 22450 CE (Hedge is with 20 rs CE)
If we look at the chart data:
The Market is trading at the resistance trendline zone. Also price >> EMA(200) (TF = 30 min) and EMA(13) >> EMA(200). This indicates that the Market needs some correction or consolidation at this point. Also, the Market is in an uptrend channel, which has formed a Higher High(HH). There is a possibility to form a higher low now.
If we look at OI Data:
PCR = 1.28, which shows the Market has bullish sentiments. There has been a huge PE writing at 22400. But if we look at the combined PCR = 0.99, it shows that the Market is likely to come down for some correction to form a Higher Low.
FII & DII data: FII is medium bearish because the Market is trading at the resistance trendline. Clients are bullish because the Market is trading at ATH.
I am expecting the Market to get some correction, at least till the level of 22200 (Fib 0.38 levels).
Reasons:
- Price > EMAs show bullish sentiments. (Bullish)
- Price >> EMA(200) and EMA(13) >> EMA(200) market might get some correction till 22200.
- RSI ~ 75 needs some consolidation at this level. (sideways)
- PCR = 1.28 shows bullish signal whereas combined week expiry shows PCR = 0.99 weekness in bulls for upcoming week. (sideways)
- Price <= VWAP shows that the market price is balanced and can go either side. (Indecisive)
Verdict:
Sideways or Bullish
Plan of Action:
Case 1: Iron condor in range 22300-22450.
Case 2: Sell 22450 CE (Hedge is with 20 rs CE)
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.