The banknifty has been moving in triangle for the last two sessions, 6th may expiry happened in consolidation and so did the friday closing.
The Paradox that we have for banknifty is, there is huge call writing done on 33000 level followed be 34000, which means that sellers see the market as bearish, But on the other hand there is continuous support of 50 and 200 EMA. followed by support at the current level as per volume profile.
Looking at both these situation we cannot carry a firm view about the market and need to wait for the closing to happen.
so, if closing on 15 min happens below 200 EMA and triangle than we can see a good downfall of 500+ points.
where as , if it gives breakout above triangle, than let the upside rally continue.
whatever happens, we need to wait for a clear signal, because its better to play big when you are sure than to upset yourself over the uncertainty which always exist in the market.
Hope you liked my idea and talkative nature. Hit that like button and thankyou for your time.
I feel 1 bearish move til 32200 or 31800 this week then long till 33900. Also depends on the covid news as cases have not peaked yet. If the vaccine availability dates are extended then it may go below 31000. Last week’s bullish sentiment was because of the unexpected RBI meet. Just a view.
Aayushjain_
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@nosHermes, what i see is Till 12th may expiry it will only be in consolidation zone ( MAX OI @ 33500CE and 33000PE), so it will be trading in this range and it not bearish (taken support at 50EMA daily).