Nifty Analysis for tomorrow Expiry | 14 March 24
As we have discussed, NIFTY has been in the uptrending channel. It has been broken to the downside with huge volume power.
If we look at the chart now:
The market has broken the channel to the downside and is continuing its momentum to the downside.
Whereas 21900 is a good support zone that might provide support. If it's broken, the next support point will be 21500. as marked in the chart.
If we look at the OI data:
PCR = 0.50 shows huge bearishness in the market. 22000 is a max pain point for now. On lower levels, there are not many support levels. On higher levels, there is huge CE writing at 22000, 22100, 22200 ... etc.
I am expecting the market to fall more to 21500 levels this week.
Reasons:
Verdict: Bearish
Plan of Action: Sell 21900 CE (Hedge it with 15 premium CE).
If we look at the chart now:
The market has broken the channel to the downside and is continuing its momentum to the downside.
Whereas 21900 is a good support zone that might provide support. If it's broken, the next support point will be 21500. as marked in the chart.
If we look at the OI data:
PCR = 0.50 shows huge bearishness in the market. 22000 is a max pain point for now. On lower levels, there are not many support levels. On higher levels, there is huge CE writing at 22000, 22100, 22200 ... etc.
I am expecting the market to fall more to 21500 levels this week.
Reasons:
- RSI < 40 shows weakness in bulls.
- price < EMAs shows bearish strengthen market.
- PCR = 0.50 shows a bearish market.
- price < VWAP indicates bearish sentiment in the market.
Verdict: Bearish
Plan of Action: Sell 21900 CE (Hedge it with 15 premium CE).
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