NIFTY has been moving in the parallel channel, as has been marked on the chart. NIFTY has 200 EMA support downsides, which have not been tested once. Now, there are only 2 possibilities: it stays in the above channel, and it will be going high and touch the upper channel and face resistance there. But if it stays in the lower channel, then it will surely touch the 200 EMA.
Reasons:
Verdict:
Bullish is in the green channel, and Bearish is in the red channel.
Plan of action:
Intraday: observe the 15-minute candle, then make the position based on chart analysis.
Weekly position: Sell 21200 PE + Sell 21500 CE.
Reasons:
- Price = EMA(13,50) can go up or down. (Indecisive)
- RSI is 40-60, mostly sideways momentum. (Sideways)
- HH and HL formation trend is still bullish unless it makes the HL. (Bullish)
- PCR = 1.12 shows bullishness in the trend. There are higher chances to stay in the above channel.
- According to the OI data, 21300, 21200, and 21400 Have high PE Writing on the last trading day. But Overall, 21500 has been showing hard resistance 21200 as a support point. This week's expiry is expected to end in 21200-21500.
Verdict:
Bullish is in the green channel, and Bearish is in the red channel.
Plan of action:
Intraday: observe the 15-minute candle, then make the position based on chart analysis.
Weekly position: Sell 21200 PE + Sell 21500 CE.
