Has NIFTY downtrend started?
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:
Verdict:
Bearishness is Expected.
Plan of action:
Sell 20150 CE + Sell 20000 PE + Buy 20150 PE
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:
- RSI is below 40; decreasing shows no bull power.
- It has a broken rising wedge pattern, which is bearish.
- Significant sell volume hike at last hour.
- Price < EMAs
- It was trading at an all-time-high that can not break at once.
- Option chain PCR: 0.97 (Bullish)
Verdict:
Bearishness is Expected.
Plan of action:
Sell 20150 CE + Sell 20000 PE + Buy 20150 PE
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