As we discussed, a neutral view of NIFTY moved sideways the whole day by gaining +36 points.
Right now, NIfty is at a really crucial point where it might go from the 19550 to the upside, where it might face the 4H-TH trendline as resistance. Tomorrow's nifty has expiry, which means it might be sideways with high probability. Expiry is likely to end in 19350-19450.
Reason:
Verdict:
Sideways
Plan of action:
don't go for option Buyiing. let it make the range and then make iron condor.
Right now, NIfty is at a really crucial point where it might go from the 19550 to the upside, where it might face the 4H-TH trendline as resistance. Tomorrow's nifty has expiry, which means it might be sideways with high probability. Expiry is likely to end in 19350-19450.
Reason:
- Expiry day for Nifty (Mostly Sideways)
- 50 EMA day TF resistance to upside. (Resistance)
- Price > EMAs (Bullish)
- RSI is 40-60 mostly Sideways.
- Price action resistance to upside at 19460.
- PCR = 0.88 (Neutral) (Put:Call Ratio)
Verdict:
Sideways
Plan of action:
don't go for option Buyiing. let it make the range and then make iron condor.
