I have been busy for the last two days. If you have been following my analysis, we marked a resistance and support line, which got a breakout yesterday, and after that, it gave a very nice bullish momentum.
Now, if we look at the chart:
The market is trading at the resistance zone right now after yesterday's good bullish momentum. Price has broken 200 EMA. Also, an emacrossover has happened, which shows the market is not in a bullish phase.
if we look at the OI data:
PcR = 1.20, which shows the market is very bullish, as its expiration of 22,000 shows severe resistance. All the levels below, including 21800, have good pe writing that shows bullish sentiment of the market.
FII and DII show bearish on Options, which might lead to some sideways days because, in the future, FII is bullish.
I expect the market to consolidate a little bit here in the orange marked region. Also, its expiry tends to end sideways. If it breaks the upside, it will not be a very healthy breakout right now.
Reasons:
Plan of action:
Case 1: Range selling in the orange zone.
Case 2: go bullish if it breaks 21900 to the upside.
Now, if we look at the chart:
The market is trading at the resistance zone right now after yesterday's good bullish momentum. Price has broken 200 EMA. Also, an emacrossover has happened, which shows the market is not in a bullish phase.
if we look at the OI data:
PcR = 1.20, which shows the market is very bullish, as its expiration of 22,000 shows severe resistance. All the levels below, including 21800, have good pe writing that shows bullish sentiment of the market.
FII and DII show bearish on Options, which might lead to some sideways days because, in the future, FII is bullish.
I expect the market to consolidate a little bit here in the orange marked region. Also, its expiry tends to end sideways. If it breaks the upside, it will not be a very healthy breakout right now.
Reasons:
- Price > EMAs, which shows the market is strong.
- EMA bullish crossover shows good market strength.
- RSI > 60 shows good strength in the bulls.
- OI data Pcr = 1.20 shows the bullish sign.
- Price> VWAP, which shows the market is having strength.
- The market is trading at a resistance zone. As it has been tested multiple times, there is a probability it might break. Because of expiry, I am not expecting much of the moment today.
- Sideways in the orange zone.
- If breaks to the upside can go bullish (low chances)
Plan of action:
Case 1: Range selling in the orange zone.
Case 2: go bullish if it breaks 21900 to the upside.
