BankNIFTY prediction for tomorrow 25 JAN 24

24 Jan

As we have been discussing, BN is bearish; it took support from the marked zone and then recovered but again fell in 2nd half session today.
If we look at chart data right now, the 44600 level showed nice support twice today with a nice volume. As the market is still making LL and LH, it represents a bearish market structure. I am expecting it to come again to 44600 and then bullishness in the market.
Also, OI data PCR confirms the bearishness in the market with a PCR value of 0.59 (BEARISH). FII ad Pro clients data indicates the market to be getting bullish.
I am expecting the market to be sideways in the range of 44600 - 45481. both levels are going to provide nice support and resistance.
Reasons:

1. Price < EMAs shows bearishness in the market.
   
2. RSI 40-60 shows the sideways momentum along with the bulls' weak power.
   
3. OI data PCR = 0.59 indicates a bearish signal in the market.
   
4. Vwap is still high value. Price << VWAP indicated market price has to settle. It's not going to make a huge bearish move in the market.
   

Verdict:
SIDEWAYS in the range 44600 - 45481.

Plan of action:
look for 15-min candle and make a bound position in 44600-45481.
I will update the idea once a market trend is set.