NIFTY Budget day prediction for tomorrow 23 JUN

22 Tem

Tomorrow is Budget Day; all of you must be very excited to trade it. Usually, there is not very good price action for such events. The market might take turns from pivotal points marked on the chart.

If we look at the chart now:
The market is trading at 50 EMA (1H-TF). The market also trades at a 0.5 Fib level. which might provide a good support zone.

Support levels: 24500, 200 EMA, 24188, 23985
Resistance levels: 24570, 24820

If we look at the OI data:
PCR = 0.90 shows the market has a bullish sentiment. 24500 is Max pain. Lower levels have significantly higher PE writing than CE writing on higher levels, making a bullish market structure.

Tomorrow's market moment depends upon the budget announcement.

Reason:

1. RSI ~ 40 - 60 shows the market is in a sideways structure.
   
2. Once Price breaks the range of 50 EMA and 200 EMA, it will decide the direction of the market.
   
3. PCR = 0.90 indicates market-bullish sentiments.
   
4. Price> VWAP shows a Bullish market structure.
   

Verdict: Neutral

Plan of action:
Wait for 15 min candle. Wait for good price action on the 24500 levels, and make your positions accordingly.