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Has NIFTY downtrend started?

Short
NSE:NIFTY   Indice Nifty 50
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


Finnova
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