Will nifty take support or Fall?
Nifty have been falling for last whole week. Now it has come to the zone where it has a nice support zone. Nifty might take support near 19250 as shown in the chart.
Nifty seems to be roaming in Range of 19250 - 19500.
Reason:
Verdict:
Bearish, but also having price action level where it might take support.
Plan of action:
Wait for market to show a bullish signal like double bottom or bullish hammer. once direction is confirm then make the postion.
if break to downside let it retrace and then go Bearish.
Nifty seems to be roaming in Range of 19250 - 19500.
Reason:
- Price < EMAs(13,200) (Bearish)
- 15 < RSI < 30 shows oversold zone. but having Less strength means weak bull power.
- PCR = 0.55 (Bearish)
- Price < 200 EMAs shows in bearish zone. (Bearish)
- Price < VWAP (Bearish)
- it has been a heavy fall might consolidate here.
Verdict:
Bearish, but also having price action level where it might take support.
Plan of action:
Wait for market to show a bullish signal like double bottom or bullish hammer. once direction is confirm then make the postion.
if break to downside let it retrace and then go Bearish.
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