NIFTY getting ready for Bulls (Buy on Dip)

As we discussed in the last analysis, nifty is accumulating. It is expected to be bullish in upcoming sessions.
Impoartant support and resistance levels are on the chart.

If we look at the chart now:
The market is in the accumulation phase, and it can be bullish soon. The market is trading at 200 EMA (15 min TF), which is expected to provide support here. 24521 - 24830 is the mother candle zone and is expected to be a sideways or high volatility zone of accumulation.
The price is trading lower than EMA(13,50) and above EMA(200), which can be a good point of support.

If we look at the OI data:
PCR = 0.90 shows a bullish structure of the market. The market has good PE writing at 24500, which is going to provide good support. Also, it has more CE writing on the upper side at 24600 and 24700, which is going to provide good resistance on the higher side.


I am expecting
Case 1: Sideways in the range 24521 - 24830.
Case 2: if the market breaks 24521 to the downside - Bearish
Reason:
  1. RSI < 40 shows a weak bull structure. (Bearish)
  2. EMA(13, 50) > Price >= EMA(200), which indicates an indecisive or rather sideways market. The market might receive support at 200 EMA.
  3. The market has given a good volume spike that shows this level is good support.
  4. PCR = 0.8 indicates an upcoming bullish market.
  5. Price < VWAP shows that a weak market structure can lead to a bearish market.

 
Verdict: Bearish or Sideways.
Plan of action:
Buy on dips for Bullish let the setup be formed.
Chart PatternsTechnical IndicatorsNIFTYniftyintradaylevelsniftyintradaytradesetupniftylevelsniftyoutlookniftypredictionniftytradesetupniftytrendTrend Analysis

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