NIFTY was quite Bearish yesterday as we discussed the levels and trendlines respected quite well. A trendline is broken to downside and selling presure was more to downside, by looking of the trend yesterday nify seems bearish for this week.
Reason:
Verdict:
Bearish
Plan of action:
as its expiry it might be sideways. so play based on levels
Reason:
- 200 EMA Resistance (Good Resistance) (Bearish)
- Price Action Resistance (Red Zone upside) (Bearish)
- Yesterday Heavy selling presure
- Price < (13,50) EMA (shows bearish)
- PCR = 0.68 (mild Bearish), MAX Pain = 19100
- RSI < 40 (Bearish)
Verdict:
Bearish
Plan of action:
as its expiry it might be sideways. so play based on levels
Comment:
Market seems to be in range of 19050 to 19150 today.
