As we discussed, Banknifty yesterday had a performant sideways moment. By looking at the chart now, 48000 has a huge resistance point, as OI data also shows huge CE writing at 48000 with PCR of 1:3. I expect it to be sideways because 48000 has good resistance with price-action and OI data. And 47500 has multiple support points such as EMAs and price action.
Reasons:
Verdict:
Sideways
Plan of action:
wait for 15 min candle, and follow the chart levels and analysis. Be neutral unless you get either side to breakout.
Reasons:
- Sideways Rectangle pattern consolidation.
- Price-taking support at EMA-50.
- OI shows huge CE writing at 48000, having PCR 1:3. It Shows a bearish signal, but the overall PCR is 0.88, which is mildly bullish.
- having multiple support point downsides as EMAs and price action levels. 47500 will be acting as a very nice support point.
- RSI is 40-60, which is, most of the time, sideway.
Verdict:
Sideways
Plan of action:
wait for 15 min candle, and follow the chart levels and analysis. Be neutral unless you get either side to breakout.
