What happened on last day:
As we discussed, NIFTY failed to sustain at higher levels and saw a strong rejection from the upper boundary of the falling channel, resulting in a sharp 4% intraday fall.
If we look at the chart now:
The market has decisively respected the resistance of the descending channel (marked in blue) and faced a strong bearish rejection. Price closed near the lower 22,000 zone.
It has fallen below the 13 EMA and 50 EMA, and is now nearing the support zone of 21,800–21,750, which had previously acted as a bounce zone.
Price is below the 200 EMA and also below VWAP, confirming bearish bias.
RSI = 41, now heading toward the oversold territory, showing growing weakness.
Volume spiked on the red candle — this shows strength on the downside move.
Support levels: 21,793, 21,162
Resistance levels: 22,200, 22,600, 23,000
If we look at the OI data:
PCR = 0.6, clearly indicating a bearish stance.
There’s heavy Call writing at 22,000, 22,200, 22,500 and even at 22,600 levels.
Only visible Put OI is at 21,500 and 21,800 — which implies the support has shifted lower.
With INDIAVIX at 20.9 (+7.2 increase), volatility has spiked, which aligns with today’s sharp move.
We are in the early phase of the April monthly expiry, so OI is still building up, but early bias is clearly negative.
If we look at the news & sentiment:
Global markets saw mild selling pressure due to rising bond yields and risk-off sentiment.
No major positive trigger from domestic macros.
News sentiment turned mildly cautious to negative with today’s fall and spike in volatility.
I am expecting
The market to remain bearish or sideways in the short term. If 21,800 breaks, we may see a move toward 21,160–21,100 zone. Resistance now lies at 22,200.
Reasons:
❗Price rejected from upper trendline of falling channel
❗Price < EMA(13, 50, 200) confirms bearish momentum
✅ Volume spike on the red candle shows strong sell-off
❗PCR = 0.6 indicates dominant call writing and weak puts
❗INDIA VIX jumped 7.2 points – fear and volatility increasing
Verdict: Bearish or Sideways
Plan of action:
Sell 22,200 CE and 21,800 PE — for a bearish-biased range play.
Watch for breakdown below 21,800 for trend-following trades.
As we discussed, NIFTY failed to sustain at higher levels and saw a strong rejection from the upper boundary of the falling channel, resulting in a sharp 4% intraday fall.
If we look at the chart now:
The market has decisively respected the resistance of the descending channel (marked in blue) and faced a strong bearish rejection. Price closed near the lower 22,000 zone.
It has fallen below the 13 EMA and 50 EMA, and is now nearing the support zone of 21,800–21,750, which had previously acted as a bounce zone.
Price is below the 200 EMA and also below VWAP, confirming bearish bias.
RSI = 41, now heading toward the oversold territory, showing growing weakness.
Volume spiked on the red candle — this shows strength on the downside move.
Support levels: 21,793, 21,162
Resistance levels: 22,200, 22,600, 23,000
If we look at the OI data:
PCR = 0.6, clearly indicating a bearish stance.
There’s heavy Call writing at 22,000, 22,200, 22,500 and even at 22,600 levels.
Only visible Put OI is at 21,500 and 21,800 — which implies the support has shifted lower.
With INDIAVIX at 20.9 (+7.2 increase), volatility has spiked, which aligns with today’s sharp move.
We are in the early phase of the April monthly expiry, so OI is still building up, but early bias is clearly negative.
If we look at the news & sentiment:
Global markets saw mild selling pressure due to rising bond yields and risk-off sentiment.
No major positive trigger from domestic macros.
News sentiment turned mildly cautious to negative with today’s fall and spike in volatility.
I am expecting
The market to remain bearish or sideways in the short term. If 21,800 breaks, we may see a move toward 21,160–21,100 zone. Resistance now lies at 22,200.
Reasons:
❗Price rejected from upper trendline of falling channel
❗Price < EMA(13, 50, 200) confirms bearish momentum
✅ Volume spike on the red candle shows strong sell-off
❗PCR = 0.6 indicates dominant call writing and weak puts
❗INDIA VIX jumped 7.2 points – fear and volatility increasing
Verdict: Bearish or Sideways
Plan of action:
Sell 22,200 CE and 21,800 PE — for a bearish-biased range play.
Watch for breakdown below 21,800 for trend-following trades.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.