As we discussed, NIFTY has a "Bearish structure," but at the price action level of 21200, it took support and recovered really well. It gave a double bottom breakout and also reached level 21500, which is a resistance zone for now. If it enters into the zone marked in blue, it's going to be sideways. Also, 200 ema is going to act as a resistance point inside the blue zone.
If we look at the OI data, PCR = 0.82, which leans towards a bullish market structure. Meanwhile, Banknifty PCR = 0.59 is bearish as both are not aligned. So tomorrow, I am expecting the market to be sideways in the blue zone and high volatility in the lower zone.
All important levels have been marked on the chart.
Reasons:
Verdict:
SIdeways
Plan of action:
Wait for 15 min candle. Make position according to PA levels marked on charts.
If we look at the OI data, PCR = 0.82, which leans towards a bullish market structure. Meanwhile, Banknifty PCR = 0.59 is bearish as both are not aligned. So tomorrow, I am expecting the market to be sideways in the blue zone and high volatility in the lower zone.
All important levels have been marked on the chart.
Reasons:
- Price 200 EMA, which will also act as resistance in the upward direction.
- RSI ~ 40-60, which indicates the sideways market structure.
- Price > EMA(13) is also sitting at 50 EMA, which will be acting as resistance.
- OI data PCR = 0.82 shows bullish signal. (Bullish)
Verdict:
SIdeways
Plan of action:
Wait for 15 min candle. Make position according to PA levels marked on charts.
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