Banknifty Budget day prediction for tomorrow 23 Jun
Tomorrow is Budget Day; all of you must be very excited to trade it. Usually, there is not very good price action for such events. The market might take turns from pivotal points marked on the chart.
If we look at the chart now:
The market is trading near the support zone and support trendline. The market has been consolidating for the last 15 days. If the range breaks to the upside, the market can give very nice momentum.
Support levels: 52210, 52086, 51778, 51318
Resistance levels: 52657, 53178
If we look at the OI data:
PCR = 0.59 shows bearish market behavior. There is good CE writing on the 52300 and 52500 levels, which shows a good resistance point. On the other hand, 52000 and 51500 is having good PE writing that might give good support points.
Reason:
RSI is 40 - 60, showing the market is going to be a sideways structure.
Price trading at 200 EMA can go either way.
PCR = 0.59 shows that the market is Bearish.
Price > VWAP shows a Bullish market structure.
Verdict: Neutral
Plan of action:
Wait for 15 min candle. Wait for good price action on the 52000 levels, and make your positions accordingly.
If we look at the chart now:
The market is trading near the support zone and support trendline. The market has been consolidating for the last 15 days. If the range breaks to the upside, the market can give very nice momentum.
Support levels: 52210, 52086, 51778, 51318
Resistance levels: 52657, 53178
If we look at the OI data:
PCR = 0.59 shows bearish market behavior. There is good CE writing on the 52300 and 52500 levels, which shows a good resistance point. On the other hand, 52000 and 51500 is having good PE writing that might give good support points.
Reason:
RSI is 40 - 60, showing the market is going to be a sideways structure.
Price trading at 200 EMA can go either way.
PCR = 0.59 shows that the market is Bearish.
Price > VWAP shows a Bullish market structure.
Verdict: Neutral
Plan of action:
Wait for 15 min candle. Wait for good price action on the 52000 levels, and make your positions accordingly.
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