Verdict:
Bearish
Plan of action:
Sell 45700 CE (hedge it with 30rs CE)
As we discussed yesterday, the market went sideways, and after 2 PM, bearish momentum started.
If we look at the chart data:
Prices have broken to the downside and have consolidated nicely today. It might touch the target marked on the chart. It has also broken 200 EMA to the downside. EMA has given an EMACrossover(13, 200), which shows the market has turned bearish.
If we look at the OI data:
PCR = 0.64 shows the market has a bearish sentiment. 45800 is MAXPain; also, 46000 has huge CE writing, which will provide a nice resistance to the upside.
I am expecting the market to fall more till the target is marked in the chart.
Reasons
Verdict:
Bearish
Plan of action:
Sell 45700 CE (hedge it with 30rs CE)
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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