NIFTY POLE and FLAG continue BULL rally
As we Have been discussing NIFTY gave a breakout on 2st SEP, SInce than we have been playing long on NIFTY.
NIFTY flag and pole target is still not completed. Nifty has broken all time high but today's volume was not good enough thats shows people are having Fear of all time high.
If we see Nifty Options chain data its super bullish.
I am expecting a little consolidation at this level. you can not go short by considering that it's all time high.
Reason:
Verdict:
Some Consolidation is expected.
Plan of Action:
Sell 19950 PE and Sell 20,000 CE
NIFTY flag and pole target is still not completed. Nifty has broken all time high but today's volume was not good enough thats shows people are having Fear of all time high.
If we see Nifty Options chain data its super bullish.
I am expecting a little consolidation at this level. you can not go short by considering that it's all time high.
Reason:
- Nifty price is far from EMAs, that means it has to consolidate after a big bull move of continues 2 weeks.
- RSI is in Oversold zone that also indicate it need some consolidation.
- This all time high is touched 2nd time, very low probablity to break and continue the trend.
- VWAP << to Price means price need some rest to get average out.
- PCR: 1.42, if 20,000 is crossed then it will have a heavy call unwinding of 20,000 level, that might take it to 20250. but chances to be continious bullish is very less.
Verdict:
Some Consolidation is expected.
Plan of Action:
Sell 19950 PE and Sell 20,000 CE
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