NIFTY Analysis for tomorrow 17 Dec 24

16 thg 12, 2024

As we discussed yesterday, the market opened at resistance and took support at 50 EMA in the sideways zone.

If we look at the chart now:
The market is in a sideways zone and expected to have a bullish bias. If liquidy grab came, it might also touch 200 EMA. But the market is not Bearish right now. It is a sideways area in the region, and it is bullish in the green region.
Support levels: 50 EMA, 24522, 24339, 200 EMA
Resistance levels: 24800, 25140

If we look at the OI data:
PCR = 0.8, which has decreased from 1, shows call addition at the higher level. The market has good PE writing at 24500 and 24400. Other levels, 24700 and 24800, have a moderate amount of writing, showing it can be volatile in that zone. If 24800 breaks to the upside, the next good resistance level is 25000, where good CE writing has been done.


I am expecting
Case 1: Sideways in the range 24521 - 24800.
Case 2: if the market breaks 24800 to the upside, the direct target will be 25000.
Reason:

1. RSI = 40 - 60 shows a good sideways structure. (Sideways)
   
2. Price > EMA(13, 50, 200), which indicates a good bullish structure. (Bullish)
   
3. The market has shown good seeling volume in last hour. (Week Bulls)
   
4. PCR = 0.8 indicates a bullish Bias.
   
5. Price > VWAP shows a good bullish structure in the market.
   

 
Verdict: Bullish or Sideways
Plan of action:
Above 24800 Bullish go CE buying.
In the range 24522 - 24800 Sideways. Go with an Iron condor.