NIFTY Prediction for tomorrow 8 Jan 24As we have been discussing the NIFTY in the channel, It performed really well. But now it's forming a new pattern that can be seen in the chart. Nifty has been showing a very bullish signal as it has been super bullish in the last hour today. Suppose we look into OI data PCR = 0.88, which is assumed to be mild bullish. Also, it has been taken support at the trendline.
I am expecting it to go bullish if it can break the 21700 to the upside. Then, once it retraces, we can make the entry and hold till 21900 min as marked on the chart. OR it can be sideways inside the given ascending triangle marked using BLUE annotation.
Reasons:
Price > EMA(13,50,200) which shows price have strength. The bulls are in control. (Bullish)
EMA(13,50) crossover shows bullishness in the Market.
RSI is about to cross 60 to the upside, which means it's entering in the Bullish zone. RSI is showing good strength in trend.
OI data PCR = 0.82, which is mild bullish. As it's the first day, it won't make any difference, but still, it's a sign of bullishness. Along with it, In 2nd half today, most Positions have been exited, and 21700 and 21800 still have nice resistance.
The market has taken very nice support from 50 EMA. There are chances to go HH, HL.
Verdict:
Bullish
Plan of action:
Sell 21700 PE + BUY 21300 CE(For hedge and margin benifits)
