NIFTY Prediction for tomorrow 29 JAN 24
As we have discussed, NIFTY has been in a bearish structure for the past week. NIFTY ended sideways in the last session, as discussed in our analysis.
Now, if we look at the data on the chart, 21222 is hard SUPPORT, and 21450 is RESISTANCE. Along with it, it's making a falling wedge Pattern, which is a bullish pattern. If it breaks to the upside, the only resistance will be 200 EMA. Once it's crossed, it will be going a bullish 📈 trend move.
If we look at OI data 📊 PCR: 0.80 is neutral. 21300 is working as MAXPain. 21250 and 21300 have good PE writing. Which also includes a good chance to go bullish.
1 FEB 2024 is also budget announcement day. That's why people are waiting for the market to make and break.
People are waiting for the budget to be announced on 1 FEB (Budget Day). I am expecting the market to be sideways.
Reasons:
Verdict:
Sideways
Plan of action:
SELL 21450 CE and 21200 PE (protect it with hedging)
Now, if we look at the data on the chart, 21222 is hard SUPPORT, and 21450 is RESISTANCE. Along with it, it's making a falling wedge Pattern, which is a bullish pattern. If it breaks to the upside, the only resistance will be 200 EMA. Once it's crossed, it will be going a bullish 📈 trend move.
If we look at OI data 📊 PCR: 0.80 is neutral. 21300 is working as MAXPain. 21250 and 21300 have good PE writing. Which also includes a good chance to go bullish.
1 FEB 2024 is also budget announcement day. That's why people are waiting for the market to make and break.
People are waiting for the budget to be announced on 1 FEB (Budget Day). I am expecting the market to be sideways.
Reasons:
- Price < EMAs shows bearishness.
- RSI ~ 40-60, which shows a sideways market structure.
- OI data PCR shows 0.80, which is sideways, with 21300 as MAXPain and 21250 and 21300 as good support.
- 21200 is acting as a good support zone.
- 50 EMA acting as resistance. If it gets cleared, 200 EMAs will be acting as resistance.
Verdict:
Sideways
Plan of action:
SELL 21450 CE and 21200 PE (protect it with hedging)
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