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Banknifty prediction for today 2nd jan 24

By finnova_
As we discussed in our last analysis, it has been in the up-channel. Yesterday, it did give a very lazy sideways move and then tried to go higher, but in the last 30 minutes, bearish sold like anything. and took control of the market. But if we look at the OI data, PCR is 0.82, which is neutral. And the chart channel has broken to the downside. I am expecting a bearish move today.
Reasons:
  1. PRICE < EMA(13,50) (Bearish), meanwhile almost equal to EMA 200. That means it might take support at 200 EMA.
  2. RSI < 40 sharp falls, shows control is in the bear's Hands. (Bearish)
  3. channel has been broken to the downside. (Bearish)
  4. OI data PCR 0.82 is neutral, but if there is a CE selling, then bears will be in total control of the market.
  5. If it starts the bearish move, there is next support at 47450. it could be a nice day with good bearish momentum.


Verdict:
Bearish

Plan of action:
Sell 48100 CE + Buy 48900 CE
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