BANKNIFTY Prediction for tomorrow 24 Dec 24

23 thg 12, 2024

As we discussed Bankanifty, Bankanifty opened up +220 points and ended up sideways the whole day.

If we look at the chart now:
The market is trading at 1H-TF 0.618 fib level, which is a good point to support. It also did hold today nicely.
Support levels: 51138, 50719.
Resistance levels: 51762, 50 EMA and 200 EMA
.
If we look at the OI data:
PCR = 0.6, which has increased from 0.5, shows bulls are adding PE in lower levels. The market has good PE writing at 51000, which is going to provide good support, and 51500 is going to provide good resistance as having very nice CE writing on a higher level.

I have neutral behavior in the market.
Reason:

1. Price < EMAs shows bearish market structure.
   
2. PCR = 0.6 shows that the market is bearish.
   
3. RSI is 40 - 60, showing the sideways market structure.
   
4. Price < VWAP shows the market is bearish right now.
   
5. the market is trading at 0.618 fib level, which can be a good support point.
   

Verdict: Sideways

Plan of action:
Sell 51500 CE and Sell 51500 PE (Hedge position)
adjust according to the price action on given levels.