Bankknifty prediction for tomorrow 6 Jun 24
Banknifty gave a really big bullish moment today. It's still an effect, and the market boomed 2000 points.
If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 48639, 47475, and 46504
resistance levels: 49528, 50161, 50938
If we look at the OI data:
PCR = 0.86, which has increased from 0.47, shows a huge bullish sign in the market. 49000 is the max-pain. Lower levels have better PE writing than higher levels. The market is making a completely bullish structure.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1: Sideways in range of 48639-49528.
Case 2: On either side, it breaks to either side's trade accordingly.
Reason:
Verdict: Sideways in range of 48639-49528. and Volatile on either side, it breaks.
Plan of action:
Case 1: Sideways: Sell 48650 PE & 49500 CE (Hedge it with 20/- premium options)
Case 2: Exit the opposite position on either side. It breaks.
If we look at the chart now:
The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now.
Support levels: 48639, 47475, and 46504
resistance levels: 49528, 50161, 50938
If we look at the OI data:
PCR = 0.86, which has increased from 0.47, shows a huge bullish sign in the market. 49000 is the max-pain. Lower levels have better PE writing than higher levels. The market is making a completely bullish structure.
VIX has also decreased significantly, which indicates volatility is being controlled.
I am expecting the market:
Case 1: Sideways in range of 48639-49528.
Case 2: On either side, it breaks to either side's trade accordingly.
Reason:
- RSI > 60 shows a bullish structure.
- Price > EMA(13, 50, 200), which indicates a Bullishmarket structure.
- PCR = 0.86 has risen from 0.47 and shows great signs of bullishness.
- Price > VWAP shows a Bullish market structure.
Verdict: Sideways in range of 48639-49528. and Volatile on either side, it breaks.
Plan of action:
Case 1: Sideways: Sell 48650 PE & 49500 CE (Hedge it with 20/- premium options)
Case 2: Exit the opposite position on either side. It breaks.
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.