As in my last analysis we discussed, NIfty has given the breakout to bulls side it has broken the highest high. Now it's expected to move higher HIGH. most levels have been marked on chart.
I am exxpecting it to retrace to 20200 levels and then once bulls take the charge nifty is going to touch above resistance trendline. It's having mild Bearish deivergence. but that can be fixed during consolidation or retesting the 20200 level.
I am expecting it to retest and than move to 20500.
Reasons:
Verdict:
Strong Bullish
Plan of action:
Sell 20200 PE and Buy 20250 CE once Bull trend confirms after retest.
I am exxpecting it to retrace to 20200 levels and then once bulls take the charge nifty is going to touch above resistance trendline. It's having mild Bearish deivergence. but that can be fixed during consolidation or retesting the 20200 level.
I am expecting it to retest and than move to 20500.
Reasons:
- NIFTY has aleady given the breakout. trading all time high. (Bullish)
- PCR = 1.19 (Bullish)
- 20200 is having huge PE writing means good strong support level. (Bullish)
- Upside we have good CE writing at 20400. So, traders are waiting for retest to sell lower point. (Bullish)
- RSI is already in the Bullish zone. (Bullish)
Verdict:
Strong Bullish
Plan of action:
Sell 20200 PE and Buy 20250 CE once Bull trend confirms after retest.
