As we have been discussing, Banknifty has had a double-bottom structure for the past week. It has been consolidating at the neckline.
Now, if we look at the chart data:
The market is trading at the resistance area. Where the 4h-TF trendline is providing resistance. Also, 47323 is our price action resistance. 46426 is our recent price action support, which is also confirmed support by 200 EMA.
If we look at OI data:
PCR = 0.99, which indicates bullish market sentiments. FII data shows indecisiveness. 47000 is acting as MAXPAIN. On the above side, 47500 will be nice resistance, whereas 46500 will provide a good support zone in upcoming sessions.
I expect the market to be sideways in the range of 46500-47350. above 47350, the market will be bullish.
Reasons:
Verdict:
Sideways or Bullish
Plan of action:
Case 1: Range selling in the range 46500-47350.
Case 2: go bullish above 47350.
Now, if we look at the chart data:
The market is trading at the resistance area. Where the 4h-TF trendline is providing resistance. Also, 47323 is our price action resistance. 46426 is our recent price action support, which is also confirmed support by 200 EMA.
If we look at OI data:
PCR = 0.99, which indicates bullish market sentiments. FII data shows indecisiveness. 47000 is acting as MAXPAIN. On the above side, 47500 will be nice resistance, whereas 46500 will provide a good support zone in upcoming sessions.
I expect the market to be sideways in the range of 46500-47350. above 47350, the market will be bullish.
Reasons:
- Price > EMAs, which indicates bullish market sentiments.
- RSI ~ 55. If it crosses 60 to the upside, It will be bullish. In a range of 40-60, the market will be sideways.
- Volume analysis for today's activity shows a neutral behavior.
- Pcr = 0.99 shows the market is bullish.
- FII and DII data are mostly indecisive.
Verdict:
Sideways or Bullish
Plan of action:
Case 1: Range selling in the range 46500-47350.
Case 2: go bullish above 47350.
