NIFTY Prediction for today 15 July 24
As we discussed, NIFTY took support at 24344 and had a good bullish run, broke resistance, and sustained to the upside, showing a good bullish nature.
If we look at the chart now:
The market is trading in the uptrending parrell channel, which has HH and HL, which have a bullish structure.
Support levels: 24429, 24128, 23985
Resistance levels: 24577 and Resistance trendline.
If we look at the OI data:
PCR = 0.86 shows the market has a bullish sentiment. 24500 is Max pain. Lower levels have significantly higher PE writing than CE writing on higher levels, making a bullish market structure.
I am expecting the market to be sideways in the uptrend line channel. If the channel breaks down to the downside, a good bearish momentum can be seen till 24188.
Reason:
Verdict: Sideways or Bullish
Plan of action:
wait for 15 min candle. Wait for good price action on the 24500 levels, and make your positions accordingly.
If we look at the chart now:
The market is trading in the uptrending parrell channel, which has HH and HL, which have a bullish structure.
Support levels: 24429, 24128, 23985
Resistance levels: 24577 and Resistance trendline.
If we look at the OI data:
PCR = 0.86 shows the market has a bullish sentiment. 24500 is Max pain. Lower levels have significantly higher PE writing than CE writing on higher levels, making a bullish market structure.
I am expecting the market to be sideways in the uptrend line channel. If the channel breaks down to the downside, a good bearish momentum can be seen till 24188.
Reason:
- RSI > 60 shows the market has a bullish structure.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 0.86 indicates market-bullish sentiments.
- Price > VWAP shows a Bullish market structure.
Verdict: Sideways or Bullish
Plan of action:
wait for 15 min candle. Wait for good price action on the 24500 levels, and make your positions accordingly.
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