NIFTY prediction for tomorrow 12 July 24
As we discussed, NIFTY fell nicely and took support at 24188, and then it recovered nicely to 24315.
If we look at the chart now:
The market is trading in a resistance zone. Today, the market has had a huge fall from this point. Price action on this level will decide the upcoming momentum in nifty. If it breaks to the upside, it can touch the resistance trendline; otherwise, it will be sideways in the range of 24128-24344.
Support levels: 24188, 200-EMA (15-min)
Resistance levels: 24344, Resistance trendline.
If we look at the OI data:
PCR = 0.76 shows the market has a NEUTRAL sentiment. 24300 is Max pain. Both side levels have good PE and CE writing. The option chain data are indecisive.
Price Action on the 24315 will decide the direction for tomorrow.
Reason:
Verdict: Neutral
Plan of action:
wait for 15 min candle. Wait for good price action on the 24315 levels, and make your positions accordingly.
If we look at the chart now:
The market is trading in a resistance zone. Today, the market has had a huge fall from this point. Price action on this level will decide the upcoming momentum in nifty. If it breaks to the upside, it can touch the resistance trendline; otherwise, it will be sideways in the range of 24128-24344.
Support levels: 24188, 200-EMA (15-min)
Resistance levels: 24344, Resistance trendline.
If we look at the OI data:
PCR = 0.76 shows the market has a NEUTRAL sentiment. 24300 is Max pain. Both side levels have good PE and CE writing. The option chain data are indecisive.
Price Action on the 24315 will decide the direction for tomorrow.
Reason:
- RSI = 40-60; shows the market is going to be sideways bullish.
- Price > EMA(13, 50, 200), which indicates the bullish market.
- PCR = 0.76 indicates market-neutral sentiments.
- price > VWAP shows a Bullish market structure.
Verdict: Neutral
Plan of action:
wait for 15 min candle. Wait for good price action on the 24315 levels, and make your positions accordingly.
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