BANKNIFTY prediction for tomorrow (Moday) 11th Dec

9 Des 2023

As we discussed, Banknifty's analysis gave a really nice momentum after the election result. Now, Banknifty is trading at a high time and is also forming an inverted HNS pattern. However, Inverted HNS works best at the bottom of the trend, not at the top. I am expecting a correction or sideways consolidation for Banknifty in the upcoming week.
Reason:

1. RSI = 75 (Bullish) trading in the bullish zone. (Bullish)
   
2. Inverted HNS breakout. Only make a bullish position if retraced. (Partially Bullish)
   
3. Price > EMAs, 50 EMA was providing a nice support point. (Bullish)
   
4. 46550 will be acting as a strong support point.
   
5. OI is still showing HUGE PE writing on 47000. the only point of concern on the upside is 47500. (Bullish)
   
6. FII Data is neutral in the case of Banknifty.
   

Verdict:
Bullish

Plan of action:
Follow the Chart plan.