Banknifty Prediction for today 20 Dec 23
As we discussed, Banknifty yesterday had a performant sideways moment. By looking at the chart now, 48000 has a huge resistance point, as OI data also shows huge CE writing at 48000 with PCR of 1:3. I expect it to be sideways because 48000 has good resistance with price-action and OI data. And 47500 has multiple support points such as EMAs and price action.
Reasons:
Verdict:
Sideways
Plan of action:
wait for 15 min candle, and follow the chart levels and analysis. Be neutral unless you get either side to breakout.
Reasons:
- Sideways Rectangle pattern consolidation.
- Price-taking support at EMA-50.
- OI shows huge CE writing at 48000, having PCR 1:3. It Shows a bearish signal, but the overall PCR is 0.88, which is mildly bullish.
- having multiple support point downsides as EMAs and price action levels. 47500 will be acting as a very nice support point.
- RSI is 40-60, which is, most of the time, sideway.
Verdict:
Sideways
Plan of action:
wait for 15 min candle, and follow the chart levels and analysis. Be neutral unless you get either side to breakout.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.