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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.