After the expiry huge selling it indicates quite the bearish trend in the market. If we see 1-D TF chart its bearish engulfing candle, as its in middle of the trend it's not that powerful.
Market might go more bearish as its sitting on Price Action support level. FII perform heavy selling signs bearishness too. and also at the same time having multiple resistance on the above side. So, overall seems bearish.
Reasons:
Verdict:
Seems Bearish Based on Data
Plan of action:
Check market intital 15 min trend and place your trade accordendly.
Market might go more bearish as its sitting on Price Action support level. FII perform heavy selling signs bearishness too. and also at the same time having multiple resistance on the above side. So, overall seems bearish.
Reasons:
- Multiple resistances above such as VWAP, 50 EMA, 200 EMA 100 EMA. (Bearish)
- Price < EMAs (Bearish)
- Heavy CE writing on above levels, its starting of the week can say much about bearish or bullish because of it.
- PCR = 0.71 (Neutral)
- RSI Bullish divergence.
Verdict:
Seems Bearish Based on Data
Plan of action:
Check market intital 15 min trend and place your trade accordendly.
