BANKNIFTY prediction for tomorrow 16 th JAN 24

15 Jan

As we discussed, BANKNIFTY yesterday, "If breaks will go bullish", it broke the pattern to the upside, and then it made a good bullish move, but it had quite high volatility. Now, it has broken to the upside; I am expecting it to go HH till 48500.
Suppose we see OI data PCR = 1.25, which is bullish. Also, at higher levels, 48200 has minor resistance. If it breaks to the upside, then the direct target will be 48500.
I am expecting it to go bullish till level 48500.
Reasons:

1. Price ~ EMA(13) means its balanced bullish.
   
2. It has already given a breakout to the upside target marked on the chart. (Bullish)
   
3. RSI 68, which is perfect for a bull run. (Bullish)
   
4. The market already took support at 200 EMA. After that, it showed a bull market run and also broke the pattern with power.
   
5. According to OI data, PCR = 1.25, which is bullish, with only minor resistance at 48200, but looking at bullish power, it will break easily. (Bullish)
   
6. Price already took support at VWAP and became bullish. It will now continue till levels of 48500.
   

Verdict:
Bullish

Plan of action:
If the Market opens sideways, go bullish with CE buying.
If the Market opens high, let it retrace, then enter.