Has NIFTY downtrend started?

2023年9月19日

As we have been discussing, NIFTY fall in our last posts. We can see NIFTY has successfully given the breakout yesterday.
We could see a nice volume hike at the last hour.
Nifty was trading at an all-time high from that; it formed a rising wedge and gave a nice successful break to the downside. Now, we might see a nice move to the downside this week.
Reason:

1. RSI is below 40; decreasing shows no bull power.
   
2. It has a broken rising wedge pattern, which is bearish.
   
3. Significant sell volume hike at last hour.
   
4. Price < EMAs
   
5. It was trading at an all-time-high that can not break at once.
   
6. Option chain PCR: 0.97 (Bullish)
   

Verdict:
Bearishness is Expected.

Plan of action:
Sell 20150 CE + Sell 20000 PE + Buy 20150 PE