Verdict:
Bullish
Plan of action:
SELL 21750 PE (hedge it with Buy 30rs PE)
As we discussed Nifty yesterday, “Sideways in range bullish after a breakout.” nifty gave a breakout in the morning and gave a bull momentum.
Chart data:
The Market has been range-bound in 21500-21750 for quite some time. It has struck the upper range six times now, which makes it easier to break this time.
OI data:
OI data PCR = 1.10 indicates the Market is already in bulls’ control. 21800 is a nice resistance zone. Once it’s clear, it will also give a breakout to charts, and people will start Writing PE at this level.
Also, the budget announcement is on the 01 FEB 24, which needs to sound good because the election is nearby.
I am expecting the Market to break to the upside and go bullish in upcoming sessions.
Reasons:
Verdict:
Bullish
Plan of action:
SELL 21750 PE (hedge it with Buy 30rs PE)
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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