BankNIFTY weekly prediction for 6th Dec Expiry

1 thg 12, 2023

as we have already discussed Banknifty has given breakout. and yesterday it also had a consolidation i will not say it was a healthy one. but I was monthly expiry and rounded well for bulls. Now I am expecting it to move bullish whole this week. Target 1 will be 45561, then some consolidation and it will move to all time high 46250.
Reasons:

1. Price has already broken out 2 month breakout with Inverted HNS. (Bullish)
   
2. RSI is in bullish zone crossing 60 to upside. (Bullish)
   
3. Bullish Golden crossover successful. (Bullish)
   
4. Inverted HNS breakout and successful retesting of neck-line. (Bullish)
   
5. According to OI, PCR: 1.24 (Bullish) with max pain = 44900 or 45000. Bears is not having much of positions that bulls have to worried right now.
   

Verdict:
Strong Bullish

Plan of action:
Sell 44900 PE and Buy 43700 PE