BANKNIFTY prediction for tomorrow 15 Jan 24 💰 💸

As we discussed, BANKNIFTY yesterday is "Bearish if it breaks to downside AND sideways in the RANGE." it could not break to the downside. It stayed in the range, resulting in a little bullish but inside the range.
There was a minor trendline inside the range, which got a breakout, and then the upper range of the region touched, and some bearishness was seen from there.
On the other hand, NIFTY gave a breakout and rallied. Now, if we see OI data, PCR is 1.0, which is bullish. But if we compare it to the NIFTY. Nifty has more bullishness than BANKNIFTY. As of right now, Banknifty is also at the surge of breakout. It broke to the upside, and it will be giving a very nice target till 48500.
If it opens Gap-up, wait for it to retrace to EMA 13, and after the candle color changes, you can make a bullish entry.
If we see OI data, 48000 is showing very good resistance, but if it clears, then we will have a clean target till 48500.
Now, tomorrow, I am expecting it to go bullish if it breaks the descending triangle pattern to the upside.

Reasons:
  1. Price > EMA(13,50,200) shows bullishness in the market.
  2. As it is forming a descending triangle pattern, If it breaks to the upside, it can give a very nice bullish momentum till the 48500 levels.
  3. RSI = 54 shows bullish once it crosses 60 to the upside; you can easily go bullish; if it breaks the descending triangle pattern, it will obviously cross 60 to the upside.
  4. PCR = 1.0, which is Bullish. Only 48000 is showing significant resistance. If it gets cleared, it will give me a chance to go to HH.
  5. 200 EMA will be providing nice support at this point.
  6. VWAP ~ Price, which shows market price is volume balanced. If it gives a break to the upside, there are higher chances that it will give nice bullish momentum.



Verdict:
Bullish if it breaks the descending triangle to the upside.

Plan of action:
check the 15-minute candle; if it breaks to the upside, you can go bullish as follows.
SELL 47900 PE and BUY 46600 PE (for Margin Benefits)
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