Nifty prediction for tomorrow 3rd OCT 23

2023年10月2日

as we discussed in our last posts that NIFTY might be taking support from this level.
But will not go direct bullish from here as 200 EMA, VWAP is acting as high resistance zone for nifty.
For tomorrow it seems to have a sideways moment
Reasons:

1. We are having a nice support Zone to downside at 19500, and resistance at 19750.
   
2. RSI is in Range 40-60 which is mostly Sideways.
   
3. PCR = 0.81 (Mild bullish)
   
4. Price < EMAs (Bearish)
   
5. Accumalation phase is going on.
   
6. Heavy CE writing at 19800 and PE writing at 19600. But more suupport at 19600. if above side 19800 is broken then we can say bulls will be in power.
   

Verdict:
Sideways until get a nice breakout of level 19750.

Plan of action:
Play Neutral trade until Breakout. after breakout add CE.