Bank Nifty Analysis for tomorrow Thrusday | 14 March 24
As we discussed in our video analysis, the bank's nifty bearish nature broke to the downside and gave a nice bearish target today.
If we look at the chart now:
The price has broken 200 EMA, HNS Neckline support zone to the downside. The market is quite bearish. RSI is also showing weakness in bulls.
If we look at the OI data:
PCR = 0.67 shows a bearish market structure. Also, there is a huge CE and PE writing at 47000, which will work as maxPain. There is not much of support levels except 46500 which is also confirmed by Price Action levels.
I am expecting the market to fall till 46500.
Reasons:
Verdict: Bearish
Plan of Action: Sell 46900 CE (Hedge it with 20 rs CE).
If we look at the chart now:
The price has broken 200 EMA, HNS Neckline support zone to the downside. The market is quite bearish. RSI is also showing weakness in bulls.
If we look at the OI data:
PCR = 0.67 shows a bearish market structure. Also, there is a huge CE and PE writing at 47000, which will work as maxPain. There is not much of support levels except 46500 which is also confirmed by Price Action levels.
I am expecting the market to fall till 46500.
Reasons:
- RSI < 40 shows weakness in bulls.
- price < EMAs shows bearish strengthen market.
- PCR = 0.67 shows a bearish market.
- price < VWAP indicates bearish sentiment in the market.
Verdict: Bearish
Plan of Action: Sell 46900 CE (Hedge it with 20 rs CE).
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