Banknifty prediction for tomorrow 30 JAN 24

29 thg 1

As we discussed, Banknifty it has given a breakout today.
By looking at the chart has given a breakout for the falling wedge pattern, which indicates the Market is going to get bullish in upcoming sessions.
By looking at the Oi data, PCR = 0.86, which is bullish. Also, the budget is about to be announced on the 1st FEB., which needs to be good as the election is near. The whole Market is showing a positive sentiment.
I am expecting Market to go bullish as of now
Reasons:

1. Price > EMAs, which indicates a bullish signal. (Bullish)
   
2. RSI > 60, which shows bulls are in the control of the Market now. (Bullish)
   
3. PCR = 0.86 shows bulls are more prominent in the Market. 45500 seems to be the MAX Pain. Once this level is clear, the Market is expected to go higher. (Bullish)
   
4. The Market has given a breakout for the Falling wedge pattern, which is a clear sign of bullishness. (Bullish)
   
5. 46300 seems to be a crucial level of resistance as it's also conceding with 200 EMA, which is probable to give some résistance. (Target Resistance)
   

Verdict:
Bullish
Plan of action:
SELL 45400 PE (hedge is with Buy 30rs PE)