NIFTY breakout prediction for today 29 Nov 23

29 nov 2023

As we discussed yesterday, nifty broke the triangle range area and moved to the bullish zone. Now, it's likely that the momentum will continue to the upside till the next resistance level of 20000.
Reasons:

1. RSI break level 60 to upside now in bullish zone. (Bullish)
   
2. Triangle breakout to upside target is hight of the trangle. (Bullish)
   
3. Price > EMAs (Bullish)
   
4. PCR = 1.16 (Bullish)
   
5. 19800 has Huge PE writing, and on the upside, we checked the main CE writing on 20000. If it breaks this level, it might continue to have higher highs and higher Lows.
   

Verdict:
Strong Bullish

Plan of action:
Sell 19850 PE and buy 19900 CE