As we have been discussing NIFTY is in the Channel and it has faced resistance upside and now at the moddle of the channel. if it comes to downside it will be continuing it move to downside till the lower support of the channel.
Reasons:
Verdict:
If Breaks middle of the channel then Bearish. else play neutral.
Plan of action:
SELL 19450 CE and hold it.
Reasons:
- 4H-tf Trendline as resistance upside.
- trading at middle of. channel, might take support from here.
- if breaks to downside possible support are EMA 200 and channel lower support.
- RSI is in the range of 40-60 mostly sideways.
- Last hour heavy volume Selling, shows quite the intrest in bearish side.
- PCR = 0.82 (Neutral)
- Price >> VWAP (Bearish sign) can't stay far for long time.
Verdict:
If Breaks middle of the channel then Bearish. else play neutral.
Plan of action:
SELL 19450 CE and hold it.
Comment:
MARKET SEEMS to open gapup. wait for it
