Will nifty take support or Fall?

24 ต.ค. 2023

Nifty have been falling for last whole week. Now it has come to the zone where it has a nice support zone. Nifty might take support near 19250 as shown in the chart.
Nifty seems to be roaming in Range of 19250 - 19500.
Reason:

1. Price < EMAs(13,200) (Bearish)
   
2. 15 < RSI < 30 shows oversold zone. but having Less strength means weak bull power.
   
3. PCR = 0.55 (Bearish)
   
4. Price < 200 EMAs shows in bearish zone. (Bearish)
   
5. Price < VWAP (Bearish)
   
6. it has been a heavy fall might consolidate here.
   

Verdict:
Bearish, but also having price action level where it might take support.

Plan of action:
Wait for market to show a bullish signal like double bottom or bullish hammer. once direction is confirm then make the postion.
if break to downside let it retrace and then go Bearish.