NIFTY Prediction for tomorrow 8 Jul 24
Updated
NIFTY did open gap-down, and then after taking support at support, it gave a nice bullish momentum to the upside.
If we look at the chart now:
The market is trading in an uptrending channel. It has taken support multiple times and also has taken resistance multiple times. I expect it to break soon. If the market shows bullish momentum to the upside, it will be taking resistance at the resistance trendline, which might then initiate a bearish momentum after that.
Support levels: 24182, 23952, and 200-EMA
Resistance levels: Red Zone, Resistance trendline.
If we look at the OI data:
PCR = 1.01 shows the market has a bullish sentiment. 24300 will be max pain. On the lower side, 24200 and 24000 have good PE writing, which will be a nice support point. However, 24400 and 24500 have good CE writing, which is going to provide good resistance.
I am expecting the market to give a breakout soon out of this channel.
Reason:
Verdict: Sideways or Bullish
Plan of action:
Wait for 15 min candle. wait for the market to make a direction and make the position accordingly,
Note: Don't go for option buying unless the market gives the breakout.
If we look at the chart now:
The market is trading in an uptrending channel. It has taken support multiple times and also has taken resistance multiple times. I expect it to break soon. If the market shows bullish momentum to the upside, it will be taking resistance at the resistance trendline, which might then initiate a bearish momentum after that.
Support levels: 24182, 23952, and 200-EMA
Resistance levels: Red Zone, Resistance trendline.
If we look at the OI data:
PCR = 1.01 shows the market has a bullish sentiment. 24300 will be max pain. On the lower side, 24200 and 24000 have good PE writing, which will be a nice support point. However, 24400 and 24500 have good CE writing, which is going to provide good resistance.
I am expecting the market to give a breakout soon out of this channel.
Reason:
- RSI > 50 shows a mild bullish signal.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 1.01 indicates market bullish sentiments.
- price > VWAP shows a Bullish market structure.
Verdict: Sideways or Bullish
Plan of action:
Wait for 15 min candle. wait for the market to make a direction and make the position accordingly,
Note: Don't go for option buying unless the market gives the breakout.
Note
You can still follow the same alalysis for today 9th JulyNote
nifty trading in the resistance zone. Stay alert!!!
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