BankNifty has been in the rising wedge pattern which is usally Bearish Pattern. as it has also been taking resistance from the 1H-tf trendline. also its expiry today that means mostly its sideways. But if it breaks the rising wedge to downside it might give a nice target of 350-400 points to bearish side.
Reason:
Verdict:
Unless it breaks to downside odds are Bullish
Plan of action:
Sell 44000 CE and Buy 43900 PE
Reason:
- EMA 200 support line to downside. will provide a nice support if it breaks to downside. (Bearish)
- we also have Priceaction support level in range of 43350-43450. (Bearish)
- RSI is in range of 40-60 means mostly sideways. (Sideways)
- PCR = 0.96 (Bullish)
- Price > EMAs(13,50,200) (Bullish)
Verdict:
Unless it breaks to downside odds are Bullish
Plan of action:
Sell 44000 CE and Buy 43900 PE
Note
Market seems to open Gap-up wait for it
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.