NIFTY prediction for tomorrow 07 MAR 24
As we discussed, NIFTY's sideways behavior touched the fib 0.38 level and came back to trading again at the resistance.
If we look at the chart now:
The market is trading at the resistance right now. This might force it to consolidate for tomorrow as its expiry for nifty on 7th Mar. market might expire in the marked region.
If we look at the OI data:
PCR = 1.0 indicates market bullish sentiments. 22500 has huge CE writing, which will provide huge resistance. On the lower side, each level 22400, 22300, and 22200 also has multiple support points.
I am expecting a sideways market tomorrow because of trading at resistance and expiry day.
Reasons:
Verdict:
Sideways or Bullish
Plan of action:
Case 1: Sideways -> IRON CONDOR in range 22450 - 22550.
Case 2: Bullish -> Sell 22450 PE (Hedge it with 20rs PE)
If we look at the chart now:
The market is trading at the resistance right now. This might force it to consolidate for tomorrow as its expiry for nifty on 7th Mar. market might expire in the marked region.
If we look at the OI data:
PCR = 1.0 indicates market bullish sentiments. 22500 has huge CE writing, which will provide huge resistance. On the lower side, each level 22400, 22300, and 22200 also has multiple support points.
I am expecting a sideways market tomorrow because of trading at resistance and expiry day.
Reasons:
- Price > EMA indicates the bullish nature of the market. but price >> ema(200) shows market need some reversion.
- RSI > 60 indicates bulls are having strength right now.
- PCR = 1.34 shows bullishness; also, OI data shows multiple-level support in the option chain.
- Nifty is trading at a resistance trendline and might get resistance. But as it has been touched multiple times, there is also a probability that it might get broken this time.
Verdict:
Sideways or Bullish
Plan of action:
Case 1: Sideways -> IRON CONDOR in range 22450 - 22550.
Case 2: Bullish -> Sell 22450 PE (Hedge it with 20rs PE)
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