As we discussed NIFTY in the last analysis, nifty is accumulating. It gave a sharp momentum to the downside and then gave a V-shaped recovery and closed at +219 Point.

If we look at the chart now:
The market took support at 200 EMA and gave V shape recovery, which indicates a good bullish setup in the market. The price is trading higher than that of EMA, showing a good bullish structure in the market. Market importance levels are as follows:
Support levels: 50 EMA, 24522, 24339, 200 EMA
Resistance levels: 24800, 25140

If we look at the OI data:
PCR = 1.0, which has increased from 0.9, shows bulls are adding the position in the market. The market has good PE writing at 24500 and 24400. Other levels, 24600, 24700, and 24800, have a moderate amount of writing, showing it can be volatile in that zone. If 24800 breaks to the upside, the next good resistance level is 25000, where good CE writing has been done.

I am expecting

1. Case 1: Sideways in the range 24521 – 24800.
2. Case 2: if the market breaks 24800 to the upside, the direct target will be 25000.

Reason:

1. RSI > 60 shows a good bullish structure. (Bullish)
2. Price > EMA(13, 50, 200), which indicates a good bullish structure. (Bullish)
3. The market has given a good volume of buyers. (Bullish)
4. PCR = 1.0 indicates a bullish market.
5. Price > VWAP shows a good bullish structure in the market.