BANKNIFTY Prediction for tomorrow 18 Mar 24As we have discussed in our Video, BANKNIFTY was making HNS, whose target was 46470. that has been achieved.
If we look at the chart now:
The market is trading at the support trendline(1-H TF). Banknifty is also trading at 0.61 fib level, which might be crucial for banknifty to take support. Price is volume balanced, which indicates the market can make a move soon.
If we look at the OI data:
PCR = 0.72, which indicates a neutral behavior for the market. Bulls have written 46500 and bear heavily, which will be acting as max pain for now. On the upper side, 47000 is a good resistance that also coincides with 200 EMA.
Looking at the FII Data, we can say the market might open a gap-down.
I am expecting the market to be sideways for one day at least. After that, once it moves to the Green zone, it will turn bullish. unless it breaks to Bearish zone(RED ZONE)
Reasons:
The market is trading at the strong support trendline.
46350 - 46680 is a sideways range. If it breaks into the RED ZONE market, it might fall heavily, but the possibility of breaking down is less right now.
PCR = 0.72 is neutral. 46500 is acting as MaxPain. 46500 is also working as good support. Whereas 47000 is working as good resistance.
RSI ~ 50 shows the market is going to be sideways for the next trading day.
VWAP ~ price shows that the price is volume balanced, which means the market will soon be ready to make a move in either direction.
Verdict: Sideways
Plan of Action:
Sell 46500 PE and 46650 CE (hedge with 20/- option). Exit the leg once it breaks to either side.
