Banknifty ananlysis for tomorrow 15 Apr 24

Apr 13

As we discussed, Banknifty's structure opened a gap down and fell.
If we look at the chart now:
The market is making Hammers at the top. Now, the market is in a very crucial position.
It is trading at the support trendline and support zone. The market is making a rising wedge pattern. If the market breaks the pattern to the downside, it will be a good entry for the bearish position.

If we look at the OI data:
PCR = 0.7, which shows neutral market sentiments. However, in the past three days, OI activity PCR has been falling gradually from 1.34 -> 1.18 -> 0.7. which shows bears are increasing their position in the market very actively. 48500 is Max-Pain. If this level breaks, there is no support point till 48000. on the upper side, there is resistance at each level (48500-49000).
The bulls are very weak at this point.
All important levels are marked at the chart.
If we look at the FII and DII activity, the Pros are strong and bearish, and clients are bullish. This indicates the market is going to open a gap-down (probably near 200-EMA 15m-TF).
There are 2 cases right now.
Case 1: inside the channel Sideways. (Low probability)
Case 2: If it breaks to the downside, it is bearish. (High probability)

Reasons:

1. EMA(200) < Price < EMA(13), which indicates Weak bulls structure in the market. (Bearish)
   
2. RSI < 40 shows strong bears' power. (Bearish)
   
3. PCR = 0.7, which has been falling rapidly from 1.34. shows bears are actively increasing their position size. (Bearish)
   
4. Price < VWAP shows a bearish market structure. (Bearish)
   

Verdict:
Neutral unless the market breaks the trendline and support zone to the downside.

Plan of Action: wait for an initial 10 minutes. If it breaks to the downside, GO BEARISH.

Apr 15

Trade active

next bearish rally might start now.

Apr 15

Note

You can make fresh entry now for intraday