NIFTY prediction for today 20 Dec 23As 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:
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.
