Nifty prediction for tomorrow 4th Jan 24
As we have discussed, the Nifty in the morning analysis fell quite a few points with a nice selling volume. Right now, Nifty is moving into the bearish channel and is supposed to complete it. It will move to the 200 EMA, and it might take support there. According to the OI data, PCR 0.62 means it's very bearish. I am expecting it to fall to 200 EMA.
Reason:
Verdict:
Bearish
Plan of action:
If the morning candle opens sideways, then you may go Bearish; in the case of Gap, wait for the trend.
Reason:
- Price < EMA(13,50,200) in 15 min TF. it's very bearish right now. (Bearish)
- OI data shows PCR 0.62, which is very bearish, and higher levels 21500, 21550, and 21600 are showing very high CE writing. 21600 is a very strong resistance. (Bearish)
- RSI < 40 shows the very weak power of bulls. (Bearish)
- 21500 is a good price action level. If it breaks to the downside, then it will give a nice fall.
- In the 2nd half, it has been a very good selling with the increasing volume of every candle.
Verdict:
Bearish
Plan of action:
If the morning candle opens sideways, then you may go Bearish; in the case of Gap, wait for the trend.
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