Has NIFTY downtrend started?

19 сент. 2023 г.

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