NIFTY prediction for tomorrow 5th March 25Nifty has been falling continuously for a month. If we look at the structure using price action.
If we look at the chart now:
The market is trading near the support zone. The market might take support at nearly 22,000 levels. Price is trading far away from the EMA, which shows the market is going to take some pullback to the upside. The market is going to be sideways for some time unless it breaks the Pink trendline to the upside.
Support levels: 21840, 21250
Resistance levels: 22775, 23488, 50 EMA, 200 EMA
If we look at the OI data:
PCR = 0.8, which shows a slightly bullish structure in the market. The market has 22100 as max pain. The market has good PE writing at lower levels; 22000 and 21900 have very good PE writing, which will act as good support in this area.
I am expecting
The market is to be sideways unless it breaks the PINK trendline.
Reason:
RSI = 21 shows a bullish structure. (Weak Bearish -> Bulls might start buying, soon)
Price < EMA(13, 50, 200), which indicates a good Bearish structure. (Bearish)
PCR = 0.8 indicates a slightly bullish bias direction in the market.
Price < VWAP shows a good Bearish structure in the market.
Verdict: Sideways
Plan of action:
follow the chart levels. You better go with the bound strategy.
