Banknifty analysis for tomorrow 14 Dec || Bullish
As we discussed yesterday, the market has shown a really nice V-shape recovery, which shows the market has a bullish nature.
If we look at the chart now:
The market broke to the downside and then gave a V-shaped recovery. Also, It broke the flag and pole patterns to the upside.
Support levels: 53170, 200 EMA (15H-TF), 52906
Resistance levels: 53607, 53821, 54291
If we look at the OI data:
PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53500, which is going to provide a good support level. Also, 53500 has good CE writing, which might hold the level for a bit. The next good resistance is 54000.
I am expecting the market to be bullish in upcoming sessions.
Reason:
Verdict: Bullish and sideways.
Plan of action:
Wait for the market to retrace and then go bullish.
If we look at the chart now:
The market broke to the downside and then gave a V-shaped recovery. Also, It broke the flag and pole patterns to the upside.
Support levels: 53170, 200 EMA (15H-TF), 52906
Resistance levels: 53607, 53821, 54291
If we look at the OI data:
PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53500, which is going to provide a good support level. Also, 53500 has good CE writing, which might hold the level for a bit. The next good resistance is 54000.
I am expecting the market to be bullish in upcoming sessions.
Reason:
- The market has broken the upside in the channel-making flag and pole structure.
- PCR = 0.9 shows that the Market is Bullish.
- RSI > 60 shows a Bullish structure.
- Price > VWAP shows the market is bearish right now.
- Price is trading in the mother bar candle zone, which is going to be sideways. Once it's broken, it can give nice bullish momentum.
Verdict: Bullish and sideways.
Plan of action:
Wait for the market to retrace and then go bullish.
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