As we discussed, NIFTY opened sideways and ended up sideways bullish.
If we look at the chart now:
The market is trading in an uptrending channel. The market is experiencing minor resistance in the middle of the channel. As the market is trading at an all-time high, if it breaks the middle resistance to the upside, it can give a bullish momentum. There are no horizontal levels as per price action. Please monitor the trendlines drawn on the chart.
Support levels: 24350-24400 range-support-zone, support trendline
Resistance levels: dotted resistaance trendline, main resistance trendline.
If we look at the OI data:
PCR = 1.13 shows the market has a bullish sentiment. 24400 will be max pain. On the lower side, have good PE writing at 24300, 24200, and 24000, which will be a nice support point. On the upside, we have good CE writing, but CE writing is significantly lower than CE writing.
I am expecting the market to be sideways bullish until it breaks the channel on either side.
Reason:
Verdict: Sideways or Bullish
Plan of action:
wait for 15 min candle. wait for the market to make a direction and make the position accordingly,
Note: Don't go for option buying unless the market gives the breakout on either side of the channel.
If we look at the chart now:
The market is trading in an uptrending channel. The market is experiencing minor resistance in the middle of the channel. As the market is trading at an all-time high, if it breaks the middle resistance to the upside, it can give a bullish momentum. There are no horizontal levels as per price action. Please monitor the trendlines drawn on the chart.
Support levels: 24350-24400 range-support-zone, support trendline
Resistance levels: dotted resistaance trendline, main resistance trendline.
If we look at the OI data:
PCR = 1.13 shows the market has a bullish sentiment. 24400 will be max pain. On the lower side, have good PE writing at 24300, 24200, and 24000, which will be a nice support point. On the upside, we have good CE writing, but CE writing is significantly lower than CE writing.
I am expecting the market to be sideways bullish until it breaks the channel on either side.
Reason:
- RSI = 57 shows a mild bullish signal, but as the market is showing bearish divergence, it might correct itself soon.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 1.13 indicates market bullish sentiments.
- price > VWAP shows a Bullish market structure.
Verdict: Sideways or Bullish
Plan of action:
wait for 15 min candle. wait for the market to make a direction and make the position accordingly,
Note: Don't go for option buying unless the market gives the breakout on either side of the channel.
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.
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.