As we discussed, Banknifty, if it takes support at 200 EMA, will make a higher high, but we didn't expect that heavy bullishness.
If we look at the chart:
The market is trading in the 4H-TF resistance zone; it has also broken an all-time high. That indicates bulls are very powerful, and today's moment reflects that. The price is very far from the EMAs(50, 200). there is a chance the market might consolidate here for 1 or 2 days.
All important levels have been marked at the chart.
If we look at the OI data:
PCR = 1.65, which has risen from 0.76. it's a very strong change in OI that shows there is something very big event coming up. 49500 and 50000 are showing significant resistance levels. Other than that, not much of the CE is written on higher levels.
On lower levels, there is heavy PE writing that shows that the Bulls are in full control of the market.
FII and DII data do not give much information today.
I expect the market to consolidate here for 1 or 2 days. After that, we will plan our trade according to the price action.
Verdict: Sideways at Resistance
Plan of action: Wait for the market to make some price action here.
If we look at the chart:
The market is trading in the 4H-TF resistance zone; it has also broken an all-time high. That indicates bulls are very powerful, and today's moment reflects that. The price is very far from the EMAs(50, 200). there is a chance the market might consolidate here for 1 or 2 days.
All important levels have been marked at the chart.
If we look at the OI data:
PCR = 1.65, which has risen from 0.76. it's a very strong change in OI that shows there is something very big event coming up. 49500 and 50000 are showing significant resistance levels. Other than that, not much of the CE is written on higher levels.
On lower levels, there is heavy PE writing that shows that the Bulls are in full control of the market.
FII and DII data do not give much information today.
I expect the market to consolidate here for 1 or 2 days. After that, we will plan our trade according to the price action.
Verdict: Sideways at Resistance
Plan of action: Wait for the market to make some price action here.
