Nifty Bank IndexLong
Banknifty Prediction for tomorrow 20 May 24
As we discussed Banknifty sideways or Bullish; it ended-up sideways with high volatility on upper side.
If we look at the chart:
The market is trading at support (Price action + 200 EMA support) right now. the important levels for tomorrow are 200 EMA, 48000, 47400 will be working as very good support. while 48445, and 49125 will be working as nice resistance.
If we look at OI data:
PCR = 0.98 shows bullish structure. if we notice most of the time today there was only position wind off. 48200 seems to be working as max-pain. while major shpport zone is 48000. on the higher side 48500 is going to provide a heavy resistance.
As market is in breakout phase I am expecting market yet to go higher.
Reasons:
Verdict:
Sideways or Bullish
Plan of action:
Sell 48000 PE and 48400CE (Hedge with 20/- Premium)
If we look at the chart:
The market is trading at support (Price action + 200 EMA support) right now. the important levels for tomorrow are 200 EMA, 48000, 47400 will be working as very good support. while 48445, and 49125 will be working as nice resistance.
If we look at OI data:
PCR = 0.98 shows bullish structure. if we notice most of the time today there was only position wind off. 48200 seems to be working as max-pain. while major shpport zone is 48000. on the higher side 48500 is going to provide a heavy resistance.
As market is in breakout phase I am expecting market yet to go higher.
Reasons:
- RSI crossing 60 to upside that might be a starting of new bullish trend.
- Price > EMA (13, 200), which shows the market can take support at 200 EMA and go bullish.
- PCR = 0.98 shows a bullish sign.
- Price > VWAP means bulls are getting strength.
- The market has already given a breakout it was a good accumulation today; soon, it will shoot to the upside soon. unless there is some political news effect.
Verdict:
Sideways or Bullish
Plan of action:
Sell 48000 PE and 48400CE (Hedge with 20/- Premium)
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