As Nifty has been continuously increasing for the past four days, it has been purely seller day. The market is consolidating in a range of 70-80 Points. We have performed Top a top-to-bottom approach where we see a trendline that is marked over the chart. Nifty seems to touch the 19550 levels by this week's expiry.
Reason:
Verdict:
Bullish
Plan of Action:
Sell PE on lower Points. Don't go for option Buying based on the last four days moment.
Reason:
- Price > EMA(13,50,200) (Bullish)
- Golden crossover (Bullish)
- PCR = 1 (Bullish)
- RSI > 60 (Bullish)
- 200 EMA support downside.
Verdict:
Bullish
Plan of Action:
Sell PE on lower Points. Don't go for option Buying based on the last four days moment.
