NIFTY prediction analysis for 3rd Nov
Updated
As we discussed nifty, it was expiry yesterday and was most of a sideways move. For the new week, it has some resistance to the upside, such as 200 EMA and price-action resistance. Once it breaks to the upside, we will see a significant move to the upside.
Reasons:
Verdict:
Bullish
Plan of action:
Observe the 15 min trend and go with the bullish trend.
Reasons:
- NIFTY is showing nice demand near 19000. also 50 EMA support to downside. (Bullish)
- Price > EMA(13,50) also crossover successful. (Bullish)
- PCR = 0.82 (Mild Bullish)
- RSI crossing (40,60) ZONE to upside means entering bullish zone.
Verdict:
Bullish
Plan of action:
Observe the 15 min trend and go with the bullish trend.
Note
AS MARKET open High on the Priceaction level resistance wait for it to give some reversal signal. All data still shows market is bullish, PCR 0.95. don't go short unless it show some nice rejection from price action level
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