As we discussed, NIFTY is to be “SIDEWAYS in the range 44600 – 45481” in our last analysis. It resulted in a sideways while facing good resistance on 50-EMA.
Now, if we look into the Chart data, EMA(50) is providing nice resistance. Also, 44500 is Hard SUPPORT, and 45370 is Hard RESISTANCE, resulting in a zonal movement. Also, the market is making a falling wedge pattern, which is bullish.
while OI data PCR= 0.68 shows bearishness while PCR=0.90(next week expiry) shows bullishness. means people are expecting a good budget decision announcement on 1st FEB.
As people are waiting for a budget day, I am expecting the market to be sideways till 1 FEB in the given Zone unless we get a breakout.
Reasons:

1. Market is making falling wedge pattern which is bullish.
2. Price < EMAs, which shows bearish market structure.
3. RSI ~ 40-60, which shows sideways market momentum.
4. EMA 50 and 200 will be acting as resistance.
5. An upper resistance trendline will provide good resistance.
6. OI data PCR = 0.69 shows Bearish wherelse PCR = 0.90 shows bullish sign in upcoming week.