Nifty has been falling continuously for a month. If we look at the structure using price action.
If we look at the chart now: The market is trading near the support zone. The market might take support at nearly 22,000 levels. Price is trading far away from the EMA, which shows the market is going to take some pullback to the upside. The market is going to be sideways for some time unless it breaks the Pink trendline to the upside. Support levels: 21840, 21250 Resistance levels: 22775, 23488, 50 EMA, 200 EMA
If we look at the OI data: PCR = 0.8, which shows a slightly bullish structure in the market. The market has 22100 as max pain. The market has good PE writing at lower levels; 22000 and 21900 have very good PE writing, which will act as good support in this area. I am expecting The market is to be sideways unless it breaks the PINK trendline. Reason:
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