Banknifty Prediction for tomorrow 18 Dec 23

17 Des 2023

As we have been discussing Bank-nifty, Bank-nifty continues to have a bullish move. By looking, OI has PCR 1.17, which is bullish. RSI also shows Huge bull strength. So, Banknifty is expected to go higher or might go sideways for some consolidation.
Reason:

1. RSI 70, which is in the bullish zone. (Bullish)
   
2. RSI is showing a bearish divergence, which means it might get a correction shortly. (Bearish)
   
3. OI PCR is 1.17, which is bullish. (Bullish)
   
4. Heavy volume spike in last 15 min. that shows sellers are interested in selling at this level. (Bearish)
   
5. it is trading at the upper resistance trendline. (Bearish)
   

Verdict:
Bullish or sideways
Plan of action:
Sell 48200 CE + Buy 48600 CE