NIFTY Prediction for 9th Nov

8 พ.ย. 2023

As we discussed, a neutral view of NIFTY moved sideways the whole day by gaining +36 points.
Right now, NIfty is at a really crucial point where it might go from the 19550 to the upside, where it might face the 4H-TH trendline as resistance. Tomorrow's nifty has expiry, which means it might be sideways with high probability. Expiry is likely to end in 19350-19450.
Reason:

1. Expiry day for Nifty (Mostly Sideways)
   
2. 50 EMA day TF resistance to upside. (Resistance)
   
3. Price > EMAs (Bullish)
   
4. RSI is 40-60 mostly Sideways.
   
5. Price action resistance to upside at 19460.
   
6. PCR = 0.88 (Neutral) (Put:Call Ratio)
   

Verdict:
Sideways

Plan of action:
don't go for option Buyiing. let it make the range and then make iron condor.