Are Bulls back? || Will nifty take support from here? 26 SEP

2023年9月26日

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:

1. PCR = 0.81 (Mild Bullish)
   
2. RSI Bullish diversion.
   
3. Channel is coming to end of break.
   
4. RSI Lower Support level might bounce back to bullish zone.
   
5. Heavy CE writing on 19700 level.
   
6. 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.