As we have discussed yesterday, BankNifty gave a fall and then took support at 46900, which was a minor support zone. Because of expiry it turned out to be a sideways day. according to the OI as 0.95 it seems bullish. But according to the price action 47200 will be acting as resistance level. if it breaks 47200 to upside then it will go bullish. Reasons:
Sideways < 47200 if breaks to upside go bullish.
Plan of action:
keep neutral position below 47200. once breaks go bullish.
- RSI 40-60 sideways now if breaks 60 level upside then it will turn bullish again.
- OI shows bullish with PCR 0.95.
- Price > EMA(13,50) which shows a bullish signal.
- If breaks the 47200 level then it will be providing nice momentum. else will be sideways.
- Has broken resistance trend line to upside more chances to go up.
Sideways < 47200 if breaks to upside go bullish.
Plan of action:
keep neutral position below 47200. once breaks go bullish.
