BANKNIFTY prediction for tomorrow 16 th JAN 24
As we discussed, BANKNIFTY yesterday, "If breaks will go bullish", it broke the pattern to the upside, and then it made a good bullish move, but it had quite high volatility. Now, it has broken to the upside; I am expecting it to go HH till 48500.
Suppose we see OI data PCR = 1.25, which is bullish. Also, at higher levels, 48200 has minor resistance. If it breaks to the upside, then the direct target will be 48500.
I am expecting it to go bullish till level 48500.
Reasons:
Verdict:
Bullish
Plan of action:
If the Market opens sideways, go bullish with CE buying.
If the Market opens high, let it retrace, then enter.
Suppose we see OI data PCR = 1.25, which is bullish. Also, at higher levels, 48200 has minor resistance. If it breaks to the upside, then the direct target will be 48500.
I am expecting it to go bullish till level 48500.
Reasons:
- Price ~ EMA(13) means its balanced bullish.
- It has already given a breakout to the upside target marked on the chart. (Bullish)
- RSI 68, which is perfect for a bull run. (Bullish)
- The market already took support at 200 EMA. After that, it showed a bull market run and also broke the pattern with power.
- According to OI data, PCR = 1.25, which is bullish, with only minor resistance at 48200, but looking at bullish power, it will break easily. (Bullish)
- Price already took support at VWAP and became bullish. It will now continue till levels of 48500.
Verdict:
Bullish
Plan of action:
If the Market opens sideways, go bullish with CE buying.
If the Market opens high, let it retrace, then enter.
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