Verdict:
Bullish
Plan of action:
Case 1: Sell 47500 PE (Hedge it with 20 rs PE)
Case 2: wait for the market to take support to get bullish.
As we discussed BANKNIFTY yesterday, Banknifty resulted sideways. Bulls guarded the support level tightly.
If we look at the chart data now:
The market has been taking support at the 47300 level. We were expecting some consolidation in the market today, which happened today. Now we have to wait for it to break the range (47200-47500) to the upside.
If we look at the OI data:
Pcr = 1.22 (Bullish), which has fallen from 1.44 because of the market’s sideways momentum.
47500 is MAXPAIN. Once it’s broken to the upside, we can say the market is good to go till 48000. there is not much CE writing on higher levels.
I am expecting the market to consolidate for 1 or 2 days and then a good bullish move till the 48600 levels ass target.
Reasons:
Verdict:
Bullish
Plan of action:
Case 1: Sell 47500 PE (Hedge it with 20 rs PE)
Case 2: wait for the market to take support to get bullish.
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.
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