BankNIFTY weekly prediction for 6th Dec Expiry
as we have already discussed Banknifty has given breakout. and yesterday it also had a consolidation i will not say it was a healthy one. but I was monthly expiry and rounded well for bulls. Now I am expecting it to move bullish whole this week. Target 1 will be 45561, then some consolidation and it will move to all time high 46250.
Reasons:
Verdict:
Strong Bullish
Plan of action:
Sell 44900 PE and Buy 43700 PE
Reasons:
- Price has already broken out 2 month breakout with Inverted HNS. (Bullish)
- RSI is in bullish zone crossing 60 to upside. (Bullish)
- Bullish Golden crossover successful. (Bullish)
- Inverted HNS breakout and successful retesting of neck-line. (Bullish)
- According to OI, PCR: 1.24 (Bullish) with max pain = 44900 or 45000. Bears is not having much of positions that bulls have to worried right now.
Verdict:
Strong Bullish
Plan of action:
Sell 44900 PE and Buy 43700 PE
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