NIFTY prediction for today 11 July 24
As we discussed, NIFTY took resistance at the provided dotted resistance trendline and gave a good fall.
If we look at the chart now:
The market gave good bearish momentum yesterday with heavy volatility. I also took support at the price action level of 24188 and came back. That shows bulls are active near 24000.
Support levels: 24188, 200-EMA (15-min)
Resistance levels: 24312, Resistance trendline.
If we look at the OI data:
PCR = 0.74 shows the market has a NEUTRAL sentiment. 24400, 24500, and 24600 have significantly higher CE writing than the lover levels PE writing. The market has big support at 24000.
I am expecting the market to be volatile, sideways, bullish.
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.
If we look at the chart now:
The market gave good bearish momentum yesterday with heavy volatility. I also took support at the price action level of 24188 and came back. That shows bulls are active near 24000.
Support levels: 24188, 200-EMA (15-min)
Resistance levels: 24312, Resistance trendline.
If we look at the OI data:
PCR = 0.74 shows the market has a NEUTRAL sentiment. 24400, 24500, and 24600 have significantly higher CE writing than the lover levels PE writing. The market has big support at 24000.
I am expecting the market to be volatile, sideways, bullish.
Reason:
- RSI = 40-60; shows the market is going to be sideways.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 0.74 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.
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