Banknifty prediction for tomorrow 12 July 24
As we discussed, BANKNIFTY gave a good bearish momentum and recovered it from 51800.
If we look at the chart now:
The market was trading in a falling wedge pattern, which indicates the upcoming market is bullish. The market has broken it to the upside. The market has given a very sharp recovery from 51800. I can expect some more bullishness in the upcoming market.
Support levels: 51770, 52032, 200-EMA, VWAP
Resistance levels: 52625, 53100
If we look at the OI data:
PCR = 0.81, which has been increased from 0.60, shows a good streak of bulls. Most of the positions have been rounded off today. There is not much new position addition, only the removal of existing positions.
Reason:
Verdict: Bullish
Plan of action:
Sell 52300 PE (hedge it with 20/- PE option)
If we look at the chart now:
The market was trading in a falling wedge pattern, which indicates the upcoming market is bullish. The market has broken it to the upside. The market has given a very sharp recovery from 51800. I can expect some more bullishness in the upcoming market.
Support levels: 51770, 52032, 200-EMA, VWAP
Resistance levels: 52625, 53100
If we look at the OI data:
PCR = 0.81, which has been increased from 0.60, shows a good streak of bulls. Most of the positions have been rounded off today. There is not much new position addition, only the removal of existing positions.
Reason:
- RSI ~ 60 shows the Bullish structure of the market.
- Price > EMA(13, 50, 200) shows bullisah market structure.
- PCR = 0.81 shows that the market is bullish.
- Price > VWAP shows a bearish market structure.
Verdict: Bullish
Plan of action:
Sell 52300 PE (hedge it with 20/- PE option)
ملاحظة
Banknifty also making formation of Inverted HNS where right shoulder is yet to complete. if breaks neck line it's going to be very bullsh; as formation of the Inverted HNS is at the bottom.ملاحظة
Update View:
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.