As we discussed in the last analysis, nifty has moved to a bull target. Now, it's trading at its all-time high. Can it go further high? Option OI data shows it's heavy bullish. Bulls have made heavy PE writing on 20600 and 20500. on the upside, bears don't have much of a position. It seems either it can go upside down or it might go sideways. There is no Bear side for now. GiftNifty has given a High of 20910. It seems 20900 will provide a short-time resistance.
Reasons:
Verdict:
Still Bullish, 20900 will be providing a nice resistance.
plan of action:
wait for 15 minutes candle, observe the trend, and make the position accordingly.
Reasons:
- Heavy PE writing on 20600 and 20500. (Bullish)
- PCR = 1.36 (Bullish)
- The price needs to be more balanced. The market is bullish. It might go to 20900, and then it might come down.
- Bearish RSI Divergence. Fall is near. It might go to 20900 and then will have a fall to the downside.
Verdict:
Still Bullish, 20900 will be providing a nice resistance.
plan of action:
wait for 15 minutes candle, observe the trend, and make the position accordingly.
