Banknifty Prediction for tomorrow (weekly) 24 Jan 24
According to our past discussion, BANKNIFTY had a bearish nature for a couple of days. It had a nice fall today.
If we look at chart data now, 46617 is a good support point. But if it breaks to the downside, it is going to give a nice target of 43850 level. Important levels have been marked on the chart.
There are two different possibilities marked green (Bullish) and red (bearish) on the chart.
If we look at the OI data, PCR = 0.51 indicates a huge bearishness in the market, which is also supported by the chart data. 45000 is the MAXPAIN for the current market structure. If it breaks to the downside, then good targets of levels 43850 and 43267 can be achieved easily.
All important levels have been marked on the chart.
Data shows the market is going to be bearish in the upcoming week.
Reasons:
Verdict:
Bearish
Plan of action:
Look for a 15-minute candle; make a position based on the PA marked on the chart.
If we look at chart data now, 46617 is a good support point. But if it breaks to the downside, it is going to give a nice target of 43850 level. Important levels have been marked on the chart.
There are two different possibilities marked green (Bullish) and red (bearish) on the chart.
If we look at the OI data, PCR = 0.51 indicates a huge bearishness in the market, which is also supported by the chart data. 45000 is the MAXPAIN for the current market structure. If it breaks to the downside, then good targets of levels 43850 and 43267 can be achieved easily.
All important levels have been marked on the chart.
Data shows the market is going to be bearish in the upcoming week.
Reasons:
- Price < EMAs shows the market's bearish nature. (Bearish)
- The market has given the Death crossover, which is a strong signal of a Bearish market. (Bearish)
- OI data PCR = 0.51 shows the bearish structure of the market. (Bearish)
- RSI < 40, which shows weakness in bulls strength. (Bearish)
Verdict:
Bearish
Plan of action:
Look for a 15-minute candle; make a position based on the PA marked on the chart.
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