Banknifty analysis prediction for tomorrow 12 Feb 24
Updated
As we discussed in our last analysis, it's bearish behavior, but it took support at 45000 and turned bullish.
Now if we look at chart data:
the market is trading at a resistance trendline. Which has rejected the Price twice. It might reject it again. Also, the Price is at 200 EMA, which can provide a good resistance at this level of confluence.
Looking at the OI data:
Pcr = 0.86 shows the bullish nature of the market. 46000 shows Huge CE writing, which means it has heavy resistance. The lower side, 45000, is showing good PE writing, which means we are going to provide nice support at this level. We can also see in charts 4550045500-46000 is to be a sideways volatility range.
All possible scenarios have been marked on the chart according to their probability of occurrence. I expect bullishness.
Reasons:
Verdict:
Bullish
Plan of action:
observe the 15-minute candle and then go in as situations marked on the chart.
Now if we look at chart data:
the market is trading at a resistance trendline. Which has rejected the Price twice. It might reject it again. Also, the Price is at 200 EMA, which can provide a good resistance at this level of confluence.
Looking at the OI data:
Pcr = 0.86 shows the bullish nature of the market. 46000 shows Huge CE writing, which means it has heavy resistance. The lower side, 45000, is showing good PE writing, which means we are going to provide nice support at this level. We can also see in charts 4550045500-46000 is to be a sideways volatility range.
All possible scenarios have been marked on the chart according to their probability of occurrence. I expect bullishness.
Reasons:
- Price > EMA(13); also trading at 200 EMA. (indecisive.)
- Price is trading at a resistance level; either side will decide the direction of the market at that moment.
- RSI > 60 shows good strength in the bulls.
- OI data Pcr = 0.86 shows the bullish sign. which is confirmed by FII and DII data.
- Price> VWAP, which shows the market is having strength.
Verdict:
Bullish
Plan of action:
observe the 15-minute candle and then go in as situations marked on the chart.
Trade closed: target reached
done
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