Nifty Bank IndexLong
Banknifty analysis for 13 Dec - Getting ready for Bulls
As Banknifty is trading in the accumulating channel, the market is getting ready for the bulls.
If we look at the chart now:
The market is trading at the 1H-TF support 50-EMA. The Price is trading below the ema(13, 50) and above 200. EMA shows the market is in a sideways phase. The market might take support here, as it is at the lower level of the channel and 200 EMA (15-min TF)
Support levels: 53170, 200 EMA (15H-TF), 52906
Resistance levels: 53607, 53821, 54291
If we look at the OI data:
PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53000, which is going to provide a good support level. Also, the upper side 53500 has good CE writing.
I am expecting the market to be bullish in upcoming sessions.
Reason:
Verdict: Sideways or Bullish
Plan of action:
Sideways: wait for the market to break out of the channel.
Inside the channel, you can channel range and play iron condor.
If we look at the chart now:
The market is trading at the 1H-TF support 50-EMA. The Price is trading below the ema(13, 50) and above 200. EMA shows the market is in a sideways phase. The market might take support here, as it is at the lower level of the channel and 200 EMA (15-min TF)
Support levels: 53170, 200 EMA (15H-TF), 52906
Resistance levels: 53607, 53821, 54291
If we look at the OI data:
PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53000, which is going to provide a good support level. Also, the upper side 53500 has good CE writing.
I am expecting the market to be bullish in upcoming sessions.
Reason:
- market is accumulating in the channel-making flag and pole structure.
- PCR = 0.9 shows that the Market is Bullish.
- RSI 40-60 shows a sideways structure.
- Price < VWAP shows the market is bearish right now.
- Price is trading in the mother bar candle zone, which is going to be sideways.
Verdict: Sideways or Bullish
Plan of action:
Sideways: wait for the market to break out of the channel.
Inside the channel, you can channel range and play iron condor.
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