Banknifty prediction for 5th Dec 23

4 Des 2023

As we have discussed, Banknifty breakout of inverted HNS. It has completed the target of the HNS pattern. Now, it must take some consolidation or a shortfall to the downside to balance the Demand and supply. Also, this is a resistance level; it's likely to take resistance according to the historical data.
Reasons:

1. Price >> EMA(13,50,200) need some consolidation or fall to downside.
   
2. PCR: 1.77 (Huge Bullish)
   
3. 46500 has some CE writing. But compared to the Bulls, it's negligible.
   
4. huge PE writing on lower levels shows a strong bullish signal.
   
5. RSI = 90 already strached.
   

verdict:
Bullish for now but soon a fall might be seen.

Plan of action:
Round off all your bull position, and wait for some consolidation and pattern to form. Then, make a good position.