Verdict: Bullish and sideways.
Plan of action:
Wait for the market to retrace and then go bullish.
As we discussed yesterday, the market has shown a really nice V-shape recovery, which shows the market has a bullish nature.
If we look at the chart now:
The market broke to the downside and then gave a V-shaped recovery. Also, It broke the flag and pole patterns to the upside.
Support levels: 53170, 200 EMA (15H-TF), 52906
Resistance levels: 53607, 53821, 54291
If we look at the OI data:
PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53500, which is going to provide a good support level. Also, 53500 has good CE writing, which might hold the level for a bit. The next good resistance is 54000.
I am expecting the market to be bullish in upcoming sessions.
Reason:
Verdict: Bullish and sideways.
Plan of action:
Wait for the market to retrace and then go bullish.
Disclaimer:
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
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