Banknifty predi tion for tomorrow 10 July
As we discussed, BANKNIFTY opened sideways and ended sideways with volatility in the uptrending channel.
If we look at the chart now:
The market is trading in the range of 52276-52676. The market is continuously taking support at 200 EMA. Also, the 1D time frame market is receiving support at 13 EMA, which might lead the market to go bullish.
Support levels: 52276, 52000, and 51610
Resistance levels: 52676, 52816, and 53197
If we look at the OI data:
PCR = 0.64, which shows a bearish behavior in the market. The market can be seen as very volatile between 52276 and 52676. There has been good CE writing on higher levels, which indicates that bears are powerful.
The market should be sideways in the range, and if it breaks the range, it is going to give good momentum.
Reason:
Verdict: Neutral
Plan of action:
The morning 15-minute direction will determine the market direction.
Once the direction is confirmed, make the position according to case 1 or case 2 as provided.
If we look at the chart now:
The market is trading in the range of 52276-52676. The market is continuously taking support at 200 EMA. Also, the 1D time frame market is receiving support at 13 EMA, which might lead the market to go bullish.
Support levels: 52276, 52000, and 51610
Resistance levels: 52676, 52816, and 53197
If we look at the OI data:
PCR = 0.64, which shows a bearish behavior in the market. The market can be seen as very volatile between 52276 and 52676. There has been good CE writing on higher levels, which indicates that bears are powerful.
The market should be sideways in the range, and if it breaks the range, it is going to give good momentum.
Reason:
- RSI is 40-60; shows market sideways structure.
- Price = EMA(13, 50, 200) shows market is at make and break point. Soon, there will be good momentum on either side.
- PCR = 0.64 shows that the market is bearish.
- Price < VWAP shows a bearish market structure.
Verdict: Neutral
Plan of action:
The morning 15-minute direction will determine the market direction.
Once the direction is confirmed, make the position according to case 1 or case 2 as provided.
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