Banknifty prediction for tomorrow 05 FEB 24
As we discussed, Banknifty touched Target 1 and then fell from there.
Now, if we look at the charts,
The market is making a rectangular pattern in an uptrend; now, it has broken to the downside. Also, we have 200 EMA support here. Banknifty is sitting in a make-and-break situation. It might take support, but if we look at RSI, bulls do not have strength. Also, the last 5 candles were intensely selling volume candles, which indicates the market will go bearish in upcoming sessions.
OI data:
PCR = 0.70 indicates the neutral behavior of the market. 46000 is the MaxPain. If it breaks to the downside, the next level of support is 45400. Also, on the upside, 46500 is a strong level of resistance.
FII & DII data:
FII is mildly bullish, whereas PRO seems to be mildly bearish, which gives neutral market behavior.
I am expecting the market to go bearish in upcoming sessions:
Reasons:
Verdict:
Neutral (Mild Bearish)
Plan of Action:
Observe PA at 200 EMA. If the price is below the outside rectangle, go Bearish.
Now, if we look at the charts,
The market is making a rectangular pattern in an uptrend; now, it has broken to the downside. Also, we have 200 EMA support here. Banknifty is sitting in a make-and-break situation. It might take support, but if we look at RSI, bulls do not have strength. Also, the last 5 candles were intensely selling volume candles, which indicates the market will go bearish in upcoming sessions.
OI data:
PCR = 0.70 indicates the neutral behavior of the market. 46000 is the MaxPain. If it breaks to the downside, the next level of support is 45400. Also, on the upside, 46500 is a strong level of resistance.
FII & DII data:
FII is mildly bullish, whereas PRO seems to be mildly bearish, which gives neutral market behavior.
I am expecting the market to go bearish in upcoming sessions:
Reasons:
- The Market has broken to the downside of the Uptren rectangle pattern. (Bearish)
The market is at 200 EMA, which might provide support. (Bullish Hope) (Neutral) - 13EMA > Price ~= 200 EMA, which indicates market direction depends on price action on 200 EMA.
- RSI < 40, which shows the weak bulls sign in the market. (Bearish)
- Price < VWAP (Bearish)
- OI data PCR = 0.7 indicates neutral market behaviour. (Neutral)
Verdict:
Neutral (Mild Bearish)
Plan of Action:
Observe PA at 200 EMA. If the price is below the outside rectangle, go Bearish.
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