NIFTY prediction for today LIVE 19 JAN 24
As we discussed NIFTY yesterday, it opened a gap down, and then buyers showed a nice momentum to the upside but sadly could not hold it. Support became the resistance and resulted in a sideways.
If we look at charts now, 21380 provided massive support in that region. so now the market has created a range in 21380-21500. A break in the range will decide the next moment in the market.
If we look at the OI data, PCR = 0.80, which is neutral. And monthly PCR = 1.1, which means bulls are still holding their positions, and yesterday, it was more PE writing than CE writing. That shows 21380 activates the bull's buying pressure.
The break of the range will decide the momentum in nifty today.
Reasons:
Verdict: Sideways or Bearish
Sideways in the range 21380-21500. if it breaks to the downside, it will go to a bearish target of 21238.
Plan of action:
For today, the market is going for CE selling, as a sideways possibility is also there. You will be able to hold your positions firmly.
If we look at charts now, 21380 provided massive support in that region. so now the market has created a range in 21380-21500. A break in the range will decide the next moment in the market.
If we look at the OI data, PCR = 0.80, which is neutral. And monthly PCR = 1.1, which means bulls are still holding their positions, and yesterday, it was more PE writing than CE writing. That shows 21380 activates the bull's buying pressure.
The break of the range will decide the momentum in nifty today.
Reasons:
- Price < EMAs; also price ~ EMA(13) that means makret is bearish also in bearish ZONE.
- RSI ~ 40 means bulls are weak right now. (sideways or bearish)
- OI data PCR ~ 0.80, which is neutral for the market. Range break will decide the market momentum. 21450 will be acting as MAXPAIN for bears. Once it's broken to the downside, a good target can be achieved.
- Price < VWAP shows the bearish structure of the market.
Verdict: Sideways or Bearish
Sideways in the range 21380-21500. if it breaks to the downside, it will go to a bearish target of 21238.
Plan of action:
For today, the market is going for CE selling, as a sideways possibility is also there. You will be able to hold your positions firmly.
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