Will NIFTY hold this level?
Updated
As we have have been discussing nifty fall. Now nifty has come to the 0.5 Fib Level 1H-TF.
yesterday it has also proven as support point whole day. we are assuming that it might take support from this point.
Reasons:
Verdict:
Observe initial 15 min trend.
Plan of action:
Based on observence of inital market moment. Place a Neutral trade.
yesterday it has also proven as support point whole day. we are assuming that it might take support from this point.
Reasons:
- RSI is very low that indicate the weak strength of the trend. and at the same time Oversold the Market.
- Nifty is taking support at 0.5 Fib level of 1H-tf.
- 200 EMA is also coinsiding with 0.5 Fib level that makes it more strong point to take support.
- Its nearby VWAP so we can say price is avraged out. now Buyers might come in the market.
- PCR is 0.89 - Neutral
- RSI bullish divergence.
Verdict:
Observe initial 15 min trend.
Plan of action:
Based on observence of inital market moment. Place a Neutral trade.
Note
By looking at the trend market seems to be neutral you can place Sideways by Selling 19750 PE + Sell 19750 CE
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