NIfty Analysis for 4th Sep 2023
Nifty is bullish as we have been discussing it for past week. Nifty has shown a very nice momentum pullback from 19250.
Last time when Nifty gave a breakout could not servive, but this time it's having a nice OI support. The only major resistance to the upside is 19600.
Reason for bullishness:
PCR: 1.25 | Nice Breakout | RSI > 60 (Increasing ) | Break of 200 EMA with power
Verdict: GO Bullish
Buy CE 19400 and sell 19300 PE
Last time when Nifty gave a breakout could not servive, but this time it's having a nice OI support. The only major resistance to the upside is 19600.
Reason for bullishness:
PCR: 1.25 | Nice Breakout | RSI > 60 (Increasing ) | Break of 200 EMA with power
Verdict: GO Bullish
Buy CE 19400 and sell 19300 PE
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