As we discussed, nifty will be forming a double top. It has completed the double top, and 21500 worked a nice resistance. Now, for today, 21500 will be acting as a nice deciding line. If it breaks above and consolidates upside, then it might go higher; otherwise, 21500 might work as a turning reversal point for Nifty.
Reasons:
Verdict:
If it breaks to the upside, Sideways or Bearish might go bullish.
Plan of action:
Observe 15-minute candles and be on the selling side. Follow the analysis.
Reasons:
- DOUBLE Top formation is already completed. In the last 30 minutes, there was a lot of pressure from sellers with great power. (Bearish)
- Ascending triangle pattern completion is there, which shows the trend might continue.
- OI has PCR 0.99, is bullish, and 21400 has quite nice additional PE writing. (bullish)
- RSI is 40-60, which means it is mostly sideways.
- Price > EMAs(13,50,200) shows bulls are still having market control. (Bullish)
- 21300 will be providing a nice price action support point.
- If it breaks to the upside, 21650 will provide a nice target point.
Verdict:
If it breaks to the upside, Sideways or Bearish might go bullish.
Plan of action:
Observe 15-minute candles and be on the selling side. Follow the analysis.
