Banknifty Prediction for today 20 Dec 23

20 Des 2023

As we discussed, Banknifty yesterday had a performant sideways moment. By looking at the chart now, 48000 has a huge resistance point, as OI data also shows huge CE writing at 48000 with PCR of 1:3. I expect it to be sideways because 48000 has good resistance with price-action and OI data. And 47500 has multiple support points such as EMAs and price action.
Reasons:

1. Sideways Rectangle pattern consolidation.
   
2. Price-taking support at EMA-50.
   
3. OI shows huge CE writing at 48000, having PCR 1:3. It Shows a bearish signal, but the overall PCR is 0.88, which is mildly bullish.
   
4. having multiple support point downsides as EMAs and price action levels. 47500 will be acting as a very nice support point.
   
5. RSI is 40-60, which is, most of the time, sideway.
   

Verdict:
Sideways

Plan of action:
wait for 15 min candle, and follow the chart levels and analysis. Be neutral unless you get either side to breakout.