NIFTY prediction for 1st Jan 24 (🚀 Happy New Year 🚀 ) 🥳
Greetings, fellow traders! As we bid farewell to 2023 and welcome 2024, I want to wish you all a very Happy New Year. 🎉
What a year it has been for us! We have witnessed some incredible highs and lows in the market, and we have learned a lot from our successes and failures. We have also grown as traders, honing our skills and strategies, and adapting to the changing conditions.
But we are not done yet. We have a new year ahead of us, full of new opportunities and challenges. We have a chance to start fresh, to correct our mistakes, and to improve our performance. We have a goal to achieve, to become the best traders we can be.
And we will do it together, as a community of passionate and dedicated traders. We will support each other, share our insights and tips, and celebrate our wins. We will also be smart and disciplined, following our plans and rules, and managing our risks and emotions.
So, are you ready to take on 2024? I know I am. But before we do, let’s take a moment to review the most important index for the Indian market: NIFTY.
NIFTY has been moving in the rising Bullish zone, as discussed. It has touched the upper channel of the bullish zone. This indicates Nifty will soon be taking a bearish move. Looking at OI PCR = 0.90 (Neutral) indicates the market is neutral for now. But the chart indicates it will turn bearish soon.
Reasons:
Verdict:
Neutral OR Bearish
Plan of action:
Sell 21800 CE and 21500 PE and hedge them with a small premium option value.
What a year it has been for us! We have witnessed some incredible highs and lows in the market, and we have learned a lot from our successes and failures. We have also grown as traders, honing our skills and strategies, and adapting to the changing conditions.
But we are not done yet. We have a new year ahead of us, full of new opportunities and challenges. We have a chance to start fresh, to correct our mistakes, and to improve our performance. We have a goal to achieve, to become the best traders we can be.
And we will do it together, as a community of passionate and dedicated traders. We will support each other, share our insights and tips, and celebrate our wins. We will also be smart and disciplined, following our plans and rules, and managing our risks and emotions.
So, are you ready to take on 2024? I know I am. But before we do, let’s take a moment to review the most important index for the Indian market: NIFTY.
NIFTY has been moving in the rising Bullish zone, as discussed. It has touched the upper channel of the bullish zone. This indicates Nifty will soon be taking a bearish move. Looking at OI PCR = 0.90 (Neutral) indicates the market is neutral for now. But the chart indicates it will turn bearish soon.
Reasons:
- RSI is 40-60, which is mostly sideways; OI confirms the same.
- it's near the middle channel of the bullish zone. If it breaks to the downside, it will trigger a bearish move in the market.
- Price > EMA(50,200), which indicates the market is still in bulls' control.
- Green Zone, which is 21500, will be providing nice support, which is also a barrier between bullish and bearish zones here.
- RSI shows bullish divergence, as has been marked on the chart.
Verdict:
Neutral OR Bearish
Plan of action:
Sell 21800 CE and 21500 PE and hedge them with a small premium option value.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.