Will NIFTY Bullish momentum continue?
As we discussed in our last analysis that it returned back to channel it will be bullish and it gave 2 days back to back bullish momentum. But now we can see its on confusing if it's a breakout or still in the pattern. once its out of the pattern it will be going bullish. by looking at the chart market seems to be sideways for tomorrow.
Reasons:
Verdict:
observe 15 min market and follow case-1 or case-2
Plan of action:
SELL 19500 PE + SELL 19750 CE once bullish momentum gets confirm exit 19750 CE.
Reasons:
- Inverted HNS target is 19800 that has not achived yet. if it opens high it will have a resistance at 19800.
- 19800 is also price action resistance.
- Downside 200 EMA and Price action level will be providing the support.
- RSI is in bullish zone (> 60) but having bearish divergence.
- Trendlines are confusing its not a clear breakout for falling wedge pattern.
- it's having 2 cases: case-1 and case-2. that is marked on the chart.
Verdict:
observe 15 min market and follow case-1 or case-2
Plan of action:
SELL 19500 PE + SELL 19750 CE once bullish momentum gets confirm exit 19750 CE.
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