NIFTY prediction for tomorrow 16th FEB 24
Updated
As we discussed NIFTY for today, it ended sideways.
Now, if we look at the chart data:
The market has already given a breakout as it expired today. It ended sideways to the upside while facing resistance at 21950. The market will be sideways in the range of 21800-21950.
EMA has given bullish-crossover EMA(50,200). Which shows the market is in a good bullish phase.
If we look at the OI data:
Pcr = 0.96 shows a bullish signal. Also, 21900 has very good PE writing, which shows it's going to provide good support. On the upper side, there is good resistance CE writing at 21900, 21950, and 22000. that will provide nice resistance.
FII & DII have yet to be released.- I will update you in the comments.
The market should be sideways in the range of 21800-21950. if it breaks 21950 to the upside, I can expect a good bullish momentum till 22110, as has been marked in the chart.
Reasons:
Verdict:
Plan of Action:
Iron condor in range(21800-21950)
if it breaks to the upside, add a bullish position and exit a short position.
Now, if we look at the chart data:
The market has already given a breakout as it expired today. It ended sideways to the upside while facing resistance at 21950. The market will be sideways in the range of 21800-21950.
EMA has given bullish-crossover EMA(50,200). Which shows the market is in a good bullish phase.
If we look at the OI data:
Pcr = 0.96 shows a bullish signal. Also, 21900 has very good PE writing, which shows it's going to provide good support. On the upper side, there is good resistance CE writing at 21900, 21950, and 22000. that will provide nice resistance.
FII & DII have yet to be released.- I will update you in the comments.
The market should be sideways in the range of 21800-21950. if it breaks 21950 to the upside, I can expect a good bullish momentum till 22110, as has been marked in the chart.
Reasons:
- Price > EMA(13,50,200) which shows nice bulls power.
- EMA golden crossover EMA(50,200) shows bullish trend.
- RSI ~ 60 but sideways with bullish divergence, which shows the market can move to the upside.
- OI data Pcr = 0.96 shows bulllish market sentiments.
- Price ~ VWAP, which shows market price and volume both are balanced. The market has a good range to go upside down.
Verdict:
- Sideways in the range 21800-21950.
- Bullish if it breaks 21950 to the upside.
Plan of Action:
Iron condor in range(21800-21950)
if it breaks to the upside, add a bullish position and exit a short position.
Trade closed: target reached
target is achived
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