NIFTY was quite Bearish yesterday as we discussed the levels and trendlines respected quite well. a short trendline is broken to downside and selling presure was more to downside, by looking of the trend yesterday nify seems bearish for this week.
Reason:
Verdict:
Bearish
Plan of action:
look for initially 15 min. follow the trend. Sell high levels.
Reason:
- 200 EMA Resistance (Good Resistance) (Bearish)
- Price Action Resistance (Red Zone upside) (Bearish)
- Yesterday Heavy selling presure
- Price < (13,50) EMA (shows bearish)
- PCR = 0.75 (mild Bearish), MAX Pain = 19100
- RSI > 40-60 (Sideways)
Verdict:
Bearish
Plan of action:
look for initially 15 min. follow the trend. Sell high levels.
