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.
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.
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