BANKNIFTY Pre-analysis:::::::::::: Overall Structure : Neutral Index components : Neutral Correlation FGI Sentiments : Neutral- 40↑ Indian & 22↓ Global Insider Data : Bearish Neutral, PCR: 0.85↓, IVP: 50↑, IV: 22↑, VIX: 18.81↓ (31/36)↑ ↑Up : 38400, 38600, 38800, 39100, 39400. ↓Down : 38100, 37900, 37700, 37500, 37300. Market Opening(*Expected): Huge Gapdown Activity: Short Buildup/Short Covering Conclusion: Probability of Gapdown to upward move or it could be a volatile day. (Data source@21:00 IST)*** ~~~~~~~~~~~~~~~~~~~~~~~~~ ***Note: Identify the B/S zone, Follow the trend direction with strong confirmation. Factor Impacts: High Inflation and Interest rate hikes, Operating margin declines, Employment risks, GST Rate Hikes. Nothing works 100% of the market. It depends on 50% weightage of technical chart, 25% to OI, and 25% to FII data. We rigorously tested the strategy and is 88.6% accurate. This strategy is for knowledge point of view only & is subjected to market risk.
I feel that: This Price Action chart indicates the market is still bearish and retracement may be break at 38780. If so market can move till 36500 without any further delay.
If Market crosses above 39200 market reversal will occur and will lead it till 40400 level in single day.
If Market crosses above 39200 market reversal will occur and will lead it till 40400 level in single day.