As we discussed, NIFTY would be "Sideways unless it breaks the range to either side." on Friday, it broke to the upside and gave a really nice bullish rally. People who Bought CE or sold PE might have made good money.
For tomorrow all important levels have been marked on the chart.
If we look right now, it's trading ALL-TIME-HIGH, which might lead to a 22,000 target. If we see the charts, we are on the way to touching the resistance trendline. Once it reaches there, it will face resistance.
GIFTNIFTY is already showing 21975 closing in the last session. The upper range to go nifty is 22100. So, I expect it to go up and then from 22100 settle down.
If we see OI data PCR = 1.40 which shows highly bullish indications for upcoming sessions. 22000 is having significantly good resistance level lets see how the price action behave there.
MAX Pain for now is 22000.
Tomorrow it might open gap-up and then reach 22100 and then correct for some points that might lead to a sideways market too.
Reasons:
Verdict:
Bullish
Plan of action: Wait for 15 min Candle; and then make position based on price action levels marked on chart.
For tomorrow all important levels have been marked on the chart.
If we look right now, it's trading ALL-TIME-HIGH, which might lead to a 22,000 target. If we see the charts, we are on the way to touching the resistance trendline. Once it reaches there, it will face resistance.
GIFTNIFTY is already showing 21975 closing in the last session. The upper range to go nifty is 22100. So, I expect it to go up and then from 22100 settle down.
If we see OI data PCR = 1.40 which shows highly bullish indications for upcoming sessions. 22000 is having significantly good resistance level lets see how the price action behave there.
MAX Pain for now is 22000.
Tomorrow it might open gap-up and then reach 22100 and then correct for some points that might lead to a sideways market too.
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 above 60, which means it's in the Bullish zone. RSI is showing good strength in trend.
- OI data PCR = 1.40, which is highly bullish. It's a very good sign of bullishness.
- VWAP > > Price shows that the price is not volume balanced. It's obviously bullish. But if it goes further, you have to correct some points to get balanced.
- The Market is continuously making HH and HL. Shows very good strength of the trend.
Verdict:
Bullish
Plan of action: Wait for 15 min Candle; and then make position based on price action levels marked on chart.
