Verdict:
Plan of action:
Case 1: Range selling in 45600-46100
Case 2: go bullish if it breaks 46100 to the upside.
I have been busy for the last two days. If you have been following my analysis, we marked a resistance line, which got a breakout yesterday, and after that, it gave a very nice bullish momentum.
Now, if we look at the chart:
The market is already in the breakout phase, but right now, it is sitting at the resistance zone that has been tested multiple times. There is a high probability that Banknifty will be continuing the bullish momentum. But 46100 will be providing good resistance once its broken bull’s path is clear to 47000.
If we look at OI data:
PcR = 1.10, which shows the market is very bullish. 46000 has good CE writing, which might provide good resistance, which is also confirmed by Price action. As it’s 1st day of the week, OI will not matter much.
FII and DII show bearish on Options, which might lead to some sideways days because, in the future, FII is bullish.
I am expecting the market to get sideways in the range of 45600-46100(color as Cyan). If it breaks 46100 to the upside, I am expecting more bullishness.
Reasons:
Verdict:
Plan of action:
Case 1: Range selling in 45600-46100
Case 2: go bullish if it breaks 46100 to the upside.
Disclaimer:
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
Finnova© All Rights Reserved
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