NIFTY is neutral for now as it is roaming in the range of 19600-19800.
19800 is showing lots of OI, which will be acting as resistance. On the downside, 19600 will be acting as a support zone.
If the 19800 level breaks, then after retesting, you can easily go long Unless you keep a neutral trade of rangebound 19600-19800.
Reasons:
Verdict:
Neutral Sideways unless it breaks to the upside.
Plan of action:
IRON Condor for 19600-19800.
19800 is showing lots of OI, which will be acting as resistance. On the downside, 19600 will be acting as a support zone.
If the 19800 level breaks, then after retesting, you can easily go long Unless you keep a neutral trade of rangebound 19600-19800.
Reasons:
- 19617 is a Good price action support.
- 50 EMA also will be providing a nice support.
- If that level breaks, the next strong support point will be 19500.
- 200 EMA downside at 19500 will be acting a strong support, also backed by price action support.
- RSI Bullish Divergence and value is 40-60, usually sideways.
- PCR = 0.73 (Neutral) with MAX PAIN = 19700.
Verdict:
Neutral Sideways unless it breaks to the upside.
Plan of action:
IRON Condor for 19600-19800.
