Verdict: Sideways
Plan of action:
Sell 23700 CE and Sell 23700 PE hold it in the range.
Exit one leg if it breaks to one side.
As we discussed, the NIFTY sideways structure market has been sideways the whole time today. Also, it opened at +160 and closed at the same point.
If we look at the chart now:
The market is in a consolidation phase. Big players are accumulating the market. I am expecting the market to be sideways in the upcoming 2-3 sessions.
Support levels: 23529, 23361
Resistance levels: 50 EMA, 23930, 200 EMA
If we look at the OI data:
PCR = 0.8, which has increased from 0.7, shows put addition at the lower level. 23500 has good support points for having good PE writing. On higher levels, 24000 is a nice resistance point, as it has a good resistance point. It also considers 50 EMA and 200 EMA.
I am expecting
The market is to be sideways in the range of 23539 – 23930
Reason:
Verdict: Sideways
Plan of action:
Sell 23700 CE and Sell 23700 PE hold it in the range.
Exit one leg if it breaks to one side.
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.
Finnova© All Rights Reserved
