Will NIFTY hold this level?

22 thg 9, 2023

As we have have been discussing nifty fall. Now nifty has come to the 0.5 Fib Level 1H-TF.
yesterday it has also proven as support point whole day. we are assuming that it might take support from this point.

Reasons:

1. RSI is very low that indicate the weak strength of the trend. and at the same time Oversold the Market.
   
2. Nifty is taking support at 0.5 Fib level of 1H-tf.
   
3. 200 EMA is also coinsiding with 0.5 Fib level that makes it more strong point to take support.
   
4. Its nearby VWAP so we can say price is avraged out. now Buyers might come in the market.
   
5. PCR is 0.89 - Neutral
   
6. RSI bullish divergence.
   

Verdict:
Observe initial 15 min trend.

Plan of action:
Based on observence of inital market moment. Place a Neutral trade.

22 thg 9, 2023

Ghi chú

By looking at the trend market seems to be neutral you can place Sideways by Selling 19750 PE + Sell 19750 CE