Is NIFTY Bull Breakout Successful?

15 Nov 2023

As we discussed yesterday, NIFTY didn't go bearish. Instead, it gaped up. Once we saw the gap, the idea was updated to wait. But now NIFTY has given a trendline breakout, as can be seen on the chart. So NIFTY might be in the Bull's favor now.
Reason:

1. PCR = 1.16 (Strong Bullish)
   
2. RSI Diversion it might require some consolidation of a re-test.
   
3. Target to bull side 19800. but as its expiry tomorrow might result in sideways.
   
4. Price > EMAs (Bullish)
   
5. Option chain Bullish
   

Verdict:
Bullish

Plain of action:
observe 15 min trend if its bullish then go bullish.