Search
Close this search box.

NIFTY prediction for today 20 Dec 23

Check out on Trading View
Twitter Post
Day's EOD Result

Verdict:
If it breaks to the upside, Sideways or Bearish might go bullish.

Plan of action:
Observe 15-minute candles and be on the selling side. Follow the analysis.

As we discussed, nifty will be forming a double top. It has completed the double top, and 21500 worked a nice resistance. Now, for today, 21500 will be acting as a nice deciding line. If it breaks above and consolidates upside, then it might go higher; otherwise, 21500 might work as a turning reversal point for Nifty.
Reasons:

  1. DOUBLE Top formation is already completed. In the last 30 minutes, there was a lot of pressure from sellers with great power. (Bearish)
  2. Ascending triangle pattern completion is there, which shows the trend might continue.
  3. OI has PCR 0.99, is bullish, and 21400 has quite nice additional PE writing. (bullish)
  4. RSI is 40-60, which means it is mostly sideways.
  5. Price > EMAs(13,50,200) shows bulls are still having market control. (Bullish)
  6. 21300 will be providing a nice price action support point.
  7. If it breaks to the upside, 21650 will provide a nice target point.

Verdict:
If it breaks to the upside, Sideways or Bearish might go bullish.

Plan of action:
Observe 15-minute candles and be on the selling side. Follow the analysis.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Let Us Help you to design smart portfolio for You

BOOK AN APPOINTMENT ⟶

Finnova© All Rights Reserved