NIFTY distribution phase started
Any stock moves in the form of accumulation -> trend -> distribution.
Nifty started the accumulation phase and went into the trend; as it touches time high now, people will start booking their profits.
As we discussed in yesterday's analysis, it requires some consolidation today. It was mostly consolidation today. As Expiry is the day after tomorrow, I am not expecting any big moment in NIFTY.
Don't go for buying options right now. If you want to trade NIFTY, go with option selling.
Reason:
RSI is showing a HUGE DIVERSION.
It's not easy to break an all-time high in one go.
VWAP << PRICE
40.6 Lakh new CE addition at 20,100 shows huge resistance at 20100.
PE unwinding in huge quantity. While PCR = 1.13 (bullish).
Verdict:
Market is sideways.
Plan of action:
Sell 20100 CE and 19950 PE
Nifty started the accumulation phase and went into the trend; as it touches time high now, people will start booking their profits.
As we discussed in yesterday's analysis, it requires some consolidation today. It was mostly consolidation today. As Expiry is the day after tomorrow, I am not expecting any big moment in NIFTY.
Don't go for buying options right now. If you want to trade NIFTY, go with option selling.
Reason:
RSI is showing a HUGE DIVERSION.
It's not easy to break an all-time high in one go.
VWAP << PRICE
40.6 Lakh new CE addition at 20,100 shows huge resistance at 20100.
PE unwinding in huge quantity. While PCR = 1.13 (bullish).
Verdict:
Market is sideways.
Plan of action:
Sell 20100 CE and 19950 PE
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