will nifty bounce back from here?
as we have discussed in our last analysis, we waited and then entred in the 19750 CE + 19750 PE selling. market respected levels quite nicely. seems there might be a bounce back or consolidation from this level.
Reasons:
Verdict:
Sideways, preparing to bounceback.
Plan of action:
Hold previous position, or create 19750 straddle.
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:
Sideways, preparing to bounceback.
Plan of action:
Hold previous position, or create 19750 straddle.
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