NIFTY prediction for tomorrow 05 FEB 24
As we discussed in our analysis & on YouTube , it reached the target and then fell.
You can also find the analysis on youtube channel link in Bio.
Now if we look at the chart:
the market is in a rectangular uptrend pattern and is now at the lower support line. Looking at the selling pressure volume in the last session, it was a strong fall from ATH. Now, if it breaks down, it will be going at 200 EMA.
Looking at the OI data:
PCR = 0.85, which indicates bullish. also next week PCR = 1.0 shows bullishness. the market is leaning towards bulls unless it breaks to the downside of the channel. Upside 22000 is a really strong resistance level. On the downside, the next good support level is at 21500.
FII & DII indicate a neutral signal.
Now I am expecting market to be either sideways(inside channel) OR bearish (if breaks to downside.)
Reasons:
verdict:
Sideways in channel AND bearish if breaks to the downside.
Plan of action:
Go bearish if it breaks to the downside; Target 200 EMA.
You can also find the analysis on youtube channel link in Bio.
Now if we look at the chart:
the market is in a rectangular uptrend pattern and is now at the lower support line. Looking at the selling pressure volume in the last session, it was a strong fall from ATH. Now, if it breaks down, it will be going at 200 EMA.
Looking at the OI data:
PCR = 0.85, which indicates bullish. also next week PCR = 1.0 shows bullishness. the market is leaning towards bulls unless it breaks to the downside of the channel. Upside 22000 is a really strong resistance level. On the downside, the next good support level is at 21500.
FII & DII indicate a neutral signal.
Now I am expecting market to be either sideways(inside channel) OR bearish (if breaks to downside.)
Reasons:
- Price ~ EMA(13,50) shows mild bullish.
- RSI ~ 40-60 shows a sideways Market.
- market is forming HH & HL. Unless the market forms a lower low, the bearish trend is not confirmed. (Neutral -> because of sharp fall from ATH)
- OI data PCR = 0.85 shows mild bullishness. 21800 seems decent support, but on the upper side, 22,000 is strong resistance.
verdict:
Sideways in channel AND bearish if breaks to the downside.
Plan of action:
Go bearish if it breaks to the downside; Target 200 EMA.
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