Nifty live prediction for today 3rd Jan 24
As we have discussed, Nifty has been moving upwards in the channel. Now, it has broken down to the lower channel, which shows a bearishness in the NIFTY behavior. There is a high probability that it will now continue in the lower channel as a bearish trend. OI data also confirms its bearish nature with PCR = 0.70. it will be bearish for now.
Reasons:
Verdict:
Bearish
Plan of action:
Sell 21550 CE and hedge it with a small CE premium.
Reasons:
- It has entered the bearish channel side. Now, fall might be sharp. (Bearish)
- Price < EMAs that show the bearishness in the market. also it has given crossover(ema(13,50)) which always shows reversal of the trend.
- RSI = 40 shows the weak bulls and might enter <40 that will be the start of heavy bearishness.
- if we see the OI data PCR = 0.70 which shows bearishness in the market.
- 21500 will be acting as a nice support level to the downside. Upside 21600 will be acting as a nice resistance zone; OI data also confirms that.
Verdict:
Bearish
Plan of action:
Sell 21550 CE and hedge it with a small CE premium.
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