Verdict: Bearish
Plan of action: 22700 CE (Hedge it with 10/-) if the market continues bearish momentum.
Note: you can target 200 EMA targets.
As we discussed, Nifty had a bearish structure; It has fallen by 187 points.
If we look at the chart now:
The market is trading in the bearish zone. The market is trading near the 0.38 fib level, which might provide a good support zone. But I am expecting the market to further go down till fib 0.50 (22481) levels. All the important levels have been marked on the chart.
If we look at the OI data:
PCR = 0.65 shows a market bearish structure. As tomorrow is NIFTY expiry, 22700 is going to provide a max-pain. There is more call writing on higher levels than PE writing on lower levels. The market is likely to end near 22500.
Looking at the data, NIFTY might go bearish till 200 EMA. .
Reasons:
Verdict: Bearish
Plan of action: 22700 CE (Hedge it with 10/-) if the market continues bearish momentum.
Note: you can target 200 EMA targets.
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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