Banknifty prediction for 5th Dec 23

2023年12月4日

As we have discussed, Banknifty breakout of inverted HNS. It has completed the target of the HNS pattern. Now, it must take some consolidation or a shortfall to the downside to balance the Demand and supply. Also, this is a resistance level; it's likely to take resistance according to the historical data.
Reasons:

1. Price >> EMA(13,50,200) need some consolidation or fall to downside.
   
2. PCR: 1.77 (Huge Bullish)
   
3. 46500 has some CE writing. But compared to the Bulls, it's negligible.
   
4. huge PE writing on lower levels shows a strong bullish signal.
   
5. RSI = 90 already strached.
   

verdict:
Bullish for now but soon a fall might be seen.

Plan of action:
Round off all your bull position, and wait for some consolidation and pattern to form. Then, make a good position.