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NIFTY prediction for tomorrow (Moday) 11th Dec

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Day's EOD Result

Verdict:
The market either will go sideways or might correct itself till 20800.

Plan of action:
keep a neutral postion. Sell 21000 CE and protect it with a PUT buy.

As we have been discussing in our last post, NIFTY’s bullish momentum has performed as we discussed. Now, NIfty is facing resistance, as can be seen on the chart. It’s still forming a higher High. But it is not able to make a higher LOW, which shows the weakness in the bullish trend. In the OI data, we can see that 21000 is showing huge resistance.
I am expecting a consolidation in the upcoming week in a range of 21000 as resistance 20880 1st support point and 20750 2nd support point.Reasons:

  1. RSI is 40-60, mostly sideways momentum. (sideways)
  2. Price > EMAs (Bullish)
  3. 21000 has a huge CE writing (66 Lakh CE) and (44 Lakh PE), which leads to PCR: 0.66, which is not a good sign for bulls.
  4. FII data also shows more bearishness.
  5. It has given a huge momentum required to have a consolidation.

Verdict:
The market either will go sideways or might correct itself till 20800.

Plan of action:
keep a neutral postion. Sell 21000 CE and protect it with a PUT buy.

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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