As we discussed yesterday, NIFTY did take resistance from the given resistance line and was sideways the whole day. For tomorrow, Nifty is expected to move into the inner zone. Two possible cases are explained in the chart. In case 1, it will be sideways in close range. If case 2, it might give you a little momentum to the downside.
Reasons:
Verdict:
Sideways
Plan of action:
Sell 21000 CE and protect it with hedging.
Reasons:
- EMA 50 is providing a nice support.
- on the upside trendline provides a nice resistance trendline.
- 20850 will be acting as a good Price action support point.
- PCR 0.93, which is bullish, but if we check OI the whole day, it was more of a round-off. Few new positions were created. People are waiting unless it's direction to be decided.
- RSI is 40-60, which is mostly sideways.
- according to OI 21000, it is working as MAX Pain, which is also a good psychological level.
- Price > EMAs, which means bulls are strong.
Verdict:
Sideways
Plan of action:
Sell 21000 CE and protect it with hedging.
