Hello Traders, as we have been discussing the resistance line and bears and bull zone in Banknifty, it has broken the resistance line and entered the bull zone, where I expect the market to be bullish.
if we look at the chart now:
The market broke to the upside yesterday. It opened at +500 and ended up sideways. That means the market is not consolidating at this level now. The market is going to be sideways in the range of 46630-46950.
If we look at the OI data:
PCR = 0.91 shows the bullish market indication. There is good support at the 46500 level and Resistance at 47000. Intermediate levels have been written equally by both parties.
I am expecting the market to be Bullish for this expiry session.
All important levels have been marked on the chart.
Support: 46627, 46277, 45907
Resistance: 47437, 46900
Verdict: Bullish
Plan of action: Sell 46650 PE (Hedge it with 20/- premium )
if we look at the chart now:
The market broke to the upside yesterday. It opened at +500 and ended up sideways. That means the market is not consolidating at this level now. The market is going to be sideways in the range of 46630-46950.
If we look at the OI data:
PCR = 0.91 shows the bullish market indication. There is good support at the 46500 level and Resistance at 47000. Intermediate levels have been written equally by both parties.
I am expecting the market to be Bullish for this expiry session.
All important levels have been marked on the chart.
Support: 46627, 46277, 45907
Resistance: 47437, 46900
Verdict: Bullish
Plan of action: Sell 46650 PE (Hedge it with 20/- premium )
