BANKNIFTY Budget Special predication for tomorrow 1 FEB 24As we discussed, Banknifty's bullish nature today broke from a minor consolidation region. It gave a good breakout and moved to 200 EMA, which we discussed will be resisting the market.
Now Looking at the chart:
The market is trading at 200 EMA. The market is already in the breakout phase. Also, today afternoon, it has consolidated so that it can make a move for tomorrow's budget day.
OI data:
looking at the PCR = 1.04 shows a clearly bullish signal for the market. Also, 46000 shows lots of CE and PE writing, which makes it MAXPAIN. Once either side is clear, the market is going to shoot, probably the upper side.
PROs and FIIs have shorted the market with heavy quantity which might force it to open downside.
I am expecting the market to go bullish tomorrow
Reasons
The market is in the Breakout phase.
Price > EMAs trading near 200 EMA already consolated today. Now, it seems ready to shoot to the upside.
OI data PCR = 1.04 shows Bullish sentiments for the market direction.
As it's budget day and elections are nearby, the budget has to be good to turn election sentiments to this government side, which might impact some sectors negatively and also some in a positive way. The market can go really wild. So, Play carefully and protect your capital.
PRO and FII have been showing negative signals as they have been shorted the market heavily, which might force the market to open downside. And then go bullish.
Verdict:
Bullish
Plan of action:
Wait for 15 min candle. Let the trend be confirmed, then make a position. Protect your profits. The market can turn anytime and will be driven by budget sentiments .
