As we discussed yesterday Banknifty was sideways it has been forming ascending trangle if it breaks to downside it will be touching the 43430 level. on upside it has the 200 EMA resistance and price action resistance level at 43770.
Reasons:
Verdict:
If breaks downside it will give nice Bearish target.
Plan of action:
Sell 43700 CE if breaks to downside buy 43600 PE
Reasons:
- PCR = 0.65, its expiry today mostly its sideways. but OI shows as Bearish.
- 200 EMA resistance to upside. (Bearish)
- RSI 40-60 mostly Sideways. (sideways)
- Price < 200 EMA (Bearish)
- Very nice price action support (4H-tf) downside. (Bullish level)
- 43450 has huge PE Calling. (Bullish)
Verdict:
If breaks downside it will give nice Bearish target.
Plan of action:
Sell 43700 CE if breaks to downside buy 43600 PE
Trade closed: target reached
