NIFTY prediction for tomorrow 20 Dec 24
As we discussed yesterday, the market opened at -250 points and spent the whole day sideways in a tight range.
If we look at the chart now:
The market is at a crucial point that can provide good support. Also, the price is very far from the EMAs, which might retrace to the EMAs. The market might reverse from this point. Right now, the market is neutral.
Support levels: 23772, 23488, 23363
Resistance levels: 24339, 200 EMA, 24682
If we look at the OI data:
PCR = 0.7, which has increased from 0.4, shows put addition at the lower level. 24000 has good support and resistance points. This is going to work as max pain. As it's the start of the week, OI won't play much of a role.
I am expecting
Case 1: Bullish if take support at 24950.
Case 2: Bearish if it breaks the level 24950 to the downside.
Reason:
Verdict: Neutral
Plan of action:
Sell 23950 CE and 23950 PE and adjust your position as per the price action at 23950.
If we look at the chart now:
The market is at a crucial point that can provide good support. Also, the price is very far from the EMAs, which might retrace to the EMAs. The market might reverse from this point. Right now, the market is neutral.
Support levels: 23772, 23488, 23363
Resistance levels: 24339, 200 EMA, 24682
If we look at the OI data:
PCR = 0.7, which has increased from 0.4, shows put addition at the lower level. 24000 has good support and resistance points. This is going to work as max pain. As it's the start of the week, OI won't play much of a role.
I am expecting
Case 1: Bullish if take support at 24950.
Case 2: Bearish if it breaks the level 24950 to the downside.
Reason:
- RSI < 40 shows a good Bearish structure. (bearish)
- Price < EMA(13, 50, 200), which indicates a good bearish structure. (Bearish)
- PCR = 0.7 indicates a neutral market.
- price < VWAP shows a good bullish structure in the market.
Verdict: Neutral
Plan of action:
Sell 23950 CE and 23950 PE and adjust your position as per the price action at 23950.
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