BANKNIFTY analysis for 15 NOV (today)

Nov 14, 2023

BankNifty has been in the rising wedge pattern which is usally Bearish Pattern. as it has also been taking resistance from the 1H-tf trendline. also its expiry today that means mostly its sideways. But if it breaks the rising wedge to downside it might give a nice target of 350-400 points to bearish side.
Reason:

1. EMA 200 support line to downside. will provide a nice support if it breaks to downside. (Bearish)
   
2. we also have Priceaction support level in range of 43350-43450. (Bearish)
   
3. RSI is in range of 40-60 means mostly sideways. (Sideways)
   
4. PCR = 0.96 (Bullish)
   
5. Price > EMAs(13,50,200) (Bullish)
   

Verdict:
Unless it breaks to downside odds are Bullish

Plan of action:
Sell 44000 CE and Buy 43900 PE

Nov 15, 2023

Note

Market seems to open Gap-up wait for it