NIFTY prediction for tomorrow 1 Mar 24As we discussed with NIFTY yesterday, NIFTY took support at 21900. and then become bullish.
If we see the chart data now:
The market is trading just above the 200 EMA after taking good support at 21900. The last two candles have been very volatile, with huge volumes in them, which indicates that nifty is going to be in upcoming sessions. RSI is trading at the resistance line; if it breaks it to the upside, it is going to give a nice momentum.
If we look at the OI data:
PCR = 0.86, which indicates the market's bullish structure. Where 22000, 21900, and 21800 have huge bullish OI buildup. Which is going to provide a good support. 22100, 22200, and 22300 have very nice CE writing, which is going to provide a good resistance point, which is also supported by the chart Price action data.
I expect the market to be inside the highlight zone with two different scenarios marked on the chart.
Reasons:
Price > EMAs show the market is having bullish sentiment.
RSI is at the trendline and about to cross 60; if it crosses 60 to the upside, we can expect a good bullish momentum.
Price > VWAP shows that the market price is balanced with volume.
PCR = 0.86 shows the market is bullish.
The market is trading inside the falling wedge. If it breaks upside, we can expect a good bullish momentum, which is also supported by the OI data.
Verdict:
Bullish
Plan of Action:
Once take support --> Sell 22000 PE (hedge it with 20 rs PE)
