NIFTY Prediction for tomorrow 8 Jul 24
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NIFTY did open gap-down, and then after taking support at support, it gave a nice bullish momentum to the upside.
If we look at the chart now:
The market is trading in an uptrending channel. It has taken support multiple times and also has taken resistance multiple times. I expect it to break soon. If the market shows bullish momentum to the upside, it will be taking resistance at the resistance trendline, which might then initiate a bearish momentum after that.
Support levels: 24182, 23952, and 200-EMA
Resistance levels: Red Zone, Resistance trendline.
If we look at the OI data:
PCR = 1.01 shows the market has a bullish sentiment. 24300 will be max pain. On the lower side, 24200 and 24000 have good PE writing, which will be a nice support point. However, 24400 and 24500 have good CE writing, which is going to provide good resistance.
I am expecting the market to give a breakout soon out of this channel.
Reason:
Verdict: Sideways or Bullish
Plan of action:
Wait for 15 min candle. wait for the market to make a direction and make the position accordingly,
Note: Don't go for option buying unless the market gives the breakout.
If we look at the chart now:
The market is trading in an uptrending channel. It has taken support multiple times and also has taken resistance multiple times. I expect it to break soon. If the market shows bullish momentum to the upside, it will be taking resistance at the resistance trendline, which might then initiate a bearish momentum after that.
Support levels: 24182, 23952, and 200-EMA
Resistance levels: Red Zone, Resistance trendline.
If we look at the OI data:
PCR = 1.01 shows the market has a bullish sentiment. 24300 will be max pain. On the lower side, 24200 and 24000 have good PE writing, which will be a nice support point. However, 24400 and 24500 have good CE writing, which is going to provide good resistance.
I am expecting the market to give a breakout soon out of this channel.
Reason:
- RSI > 50 shows a mild bullish signal.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 1.01 indicates market bullish sentiments.
- price > VWAP shows a Bullish market structure.
Verdict: Sideways or Bullish
Plan of action:
Wait for 15 min candle. wait for the market to make a direction and make the position accordingly,
Note: Don't go for option buying unless the market gives the breakout.
Ghi chú
You can still follow the same alalysis for today 9th JulyGhi chú
nifty trading in the resistance zone. Stay alert!!!
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