Banknifty prediction for today 22 Mar 24
Hello Traders, as we have been discussing the resistance line and bears and bull zone in Banknifty, it has broken the resistance line and entered the bull zone, where I expect the market to be bullish.
if we look at the chart now:
The market broke to the upside yesterday. It opened at +500 and ended up sideways. That means the market is not consolidating at this level now. The market is going to be sideways in the range of 46630-46950.
If we look at the OI data:
PCR = 0.91 shows the bullish market indication. There is good support at the 46500 level and Resistance at 47000. Intermediate levels have been written equally by both parties.
I am expecting the market to be Bullish for this expiry session.
All important levels have been marked on the chart.
Support: 46627, 46277, 45907
Resistance: 47437, 46900
Verdict: Bullish
Plan of action: Sell 46650 PE (Hedge it with 20/- premium )
if we look at the chart now:
The market broke to the upside yesterday. It opened at +500 and ended up sideways. That means the market is not consolidating at this level now. The market is going to be sideways in the range of 46630-46950.
If we look at the OI data:
PCR = 0.91 shows the bullish market indication. There is good support at the 46500 level and Resistance at 47000. Intermediate levels have been written equally by both parties.
I am expecting the market to be Bullish for this expiry session.
All important levels have been marked on the chart.
Support: 46627, 46277, 45907
Resistance: 47437, 46900
Verdict: Bullish
Plan of action: Sell 46650 PE (Hedge it with 20/- premium )
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