will nifty bounce back from here?

Verdict:
Sideways, preparing to bounceback.

Plan of action:
Hold previous position, or create 19750 straddle.

as we have discussed in our last analysis, we waited and then entred in the 19750 CE + 19750 PE selling. market respected levels quite nicely. seems there might be a bounce back or consolidation from this level.

Reasons:

RSI is very low that indicate the weak strength of the trend. and at the same time Oversold the Market.
Nifty is taking support at 0.5 Fib level of 1H-tf.
200 EMA is also coinsiding with 0.5 Fib level that makes it more strong point to take support.
Its nearby VWAP so we can say price is avraged out. now Buyers might come in the market.
PCR is 0.89 – Neutral
RSI bullish divergence.

Verdict:
Sideways, preparing to bounceback.

Plan of action:
Hold previous position, or create 19750 straddle.

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.

will nifty bounce back from here?

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