What happened on last day:
As we discussed, the NIFTY has been in a sideways accumulation phase, and it has now broken to the upside.
If we look at the chart now:
The market is trading just below the 200 EMA (1D-tf), which is acting as a strong resistance. Price has shown strong bullish momentum and has successfully broken out from the descending PINK trendline, which had held the price for over 10 months.
Structure-wise, NIFTY is forming higher highs and higher lows, suggesting a clear shift in momentum from bearish to bullish.
Price is trading above the 13, 50, and 100 EMAs, but still below the 200 EMA, which remains the immediate level to cross.
RSI = 64, showing strong bullishness but not yet in the overbought zone — bulls still have strength.
Price is also trading above VWAP, confirming healthy bullish bias on the day.
All important breakout levels, retest zones, and trendlines are clearly marked on the chart.
Support levels: 22,775, 21,987, 21,840
Resistance levels: 23,600, 23,870, 24,790
If we look at the OI data:
PCR = 1.1, showing a strong bullish structure in the options market.
There is strong Put writing at 23,000, 23,100, and 23,200 levels which are likely to act as near-term supports.
On the upside, significant Call writing is seen at 23,600, 23,700, and 23,800 levels — making them key resistance levels.
We are currently in the last week of the March monthly expiry (27 Mar), so this OI structure gives strong directional cues.
If we look at the news & sentiment:
INDIA VIX = 12.6, showing low volatility expectations.
No negative macro or global cues, INR and crude oil are stable.
Sentiment across financial media is cautiously bullish, with attention on whether NIFTY can sustain above the 23,600 zone.
I am expecting
The market to be sideways to bullish unless it breaks above 23,600 decisively, which could lead to further rally toward 23,870 and 24,790.
Reasons:
✅ Breakout from 10-month falling channel
❗Price > EMA(13, 50, 100) but just below 200 EMA (Bullish but watch for breakout)
✅ Volume spike confirms institutional participation
✅ Clean higher-low structure forming
✅ Above 50 EMA and approaching 200 EMA
Verdict: Sideways or Bullish
Plan of action:
Sell 23,600 CE and 23,600 PE — hold the position within range.
Exit one leg if price breaks on either side with momentum and volume.
As we discussed, the NIFTY has been in a sideways accumulation phase, and it has now broken to the upside.
If we look at the chart now:
The market is trading just below the 200 EMA (1D-tf), which is acting as a strong resistance. Price has shown strong bullish momentum and has successfully broken out from the descending PINK trendline, which had held the price for over 10 months.
Structure-wise, NIFTY is forming higher highs and higher lows, suggesting a clear shift in momentum from bearish to bullish.
Price is trading above the 13, 50, and 100 EMAs, but still below the 200 EMA, which remains the immediate level to cross.
RSI = 64, showing strong bullishness but not yet in the overbought zone — bulls still have strength.
Price is also trading above VWAP, confirming healthy bullish bias on the day.
All important breakout levels, retest zones, and trendlines are clearly marked on the chart.
Support levels: 22,775, 21,987, 21,840
Resistance levels: 23,600, 23,870, 24,790
If we look at the OI data:
PCR = 1.1, showing a strong bullish structure in the options market.
There is strong Put writing at 23,000, 23,100, and 23,200 levels which are likely to act as near-term supports.
On the upside, significant Call writing is seen at 23,600, 23,700, and 23,800 levels — making them key resistance levels.
We are currently in the last week of the March monthly expiry (27 Mar), so this OI structure gives strong directional cues.
If we look at the news & sentiment:
INDIA VIX = 12.6, showing low volatility expectations.
No negative macro or global cues, INR and crude oil are stable.
Sentiment across financial media is cautiously bullish, with attention on whether NIFTY can sustain above the 23,600 zone.
I am expecting
The market to be sideways to bullish unless it breaks above 23,600 decisively, which could lead to further rally toward 23,870 and 24,790.
Reasons:
✅ Breakout from 10-month falling channel
❗Price > EMA(13, 50, 100) but just below 200 EMA (Bullish but watch for breakout)
✅ Volume spike confirms institutional participation
✅ Clean higher-low structure forming
✅ Above 50 EMA and approaching 200 EMA
Verdict: Sideways or Bullish
Plan of action:
Sell 23,600 CE and 23,600 PE — hold the position within range.
Exit one leg if price breaks on either side with momentum and volume.
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