will nifty bounce back from here?

25 בספט׳ 2023

as we have discussed in our last analysis, we waited and then entred in the 19750 CE + 19750 PE selling. market respected levels quite nicely. seems there might be a bounce back or consolidation from this level.

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:
Sideways, preparing to bounceback.

Plan of action:
Hold previous position, or create 19750 straddle.