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
Comment:
Market seems to open Gap-up wait for it
