Are Bulls back? || Will nifty take support from here? 26 SEP
As we have have been discussing nifty fall. Now nifty has proven to 0.5 Fib Level 1H-TF as a good support Level.
yesterday it has also taken a nice support at this level. we are assuming nifty to be in the range 19630 - 19800. Detailed levels are marked on chart.
Reasons:
Verdict:
Mild Bullish ( Range 19630 - 19800)
Plan of action:
Hold previous 19750 Straddle, or create a new by checking 15 Min Candle.
yesterday it has also taken a nice support at this level. we are assuming nifty to be in the range 19630 - 19800. Detailed levels are marked on chart.
Reasons:
- PCR = 0.81 (Mild Bullish)
- RSI Bullish diversion.
- Channel is coming to end of break.
- RSI Lower Support level might bounce back to bullish zone.
- Heavy CE writing on 19700 level.
- Heavy PE writing on multiple levels 19600, 19500, 19400. Max pain 19700. if 19700 breaks easier to go higher.
Verdict:
Mild Bullish ( Range 19630 - 19800)
Plan of action:
Hold previous 19750 Straddle, or create a new by checking 15 Min Candle.
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