As we have discussed, Banknifty breakout of inverted HNS. It has completed the target of the HNS pattern. Now, it must take some consolidation or a shortfall to the downside to balance the Demand and supply. Also, this is a resistance level; it's likely to take resistance according to the historical data.
Reasons:
verdict:
Bullish for now but soon a fall might be seen.
Plan of action:
Round off all your bull position, and wait for some consolidation and pattern to form. Then, make a good position.
Reasons:
- Price >> EMA(13,50,200) need some consolidation or fall to downside.
- PCR: 1.77 (Huge Bullish)
- 46500 has some CE writing. But compared to the Bulls, it's negligible.
- huge PE writing on lower levels shows a strong bullish signal.
- RSI = 90 already strached.
verdict:
Bullish for now but soon a fall might be seen.
Plan of action:
Round off all your bull position, and wait for some consolidation and pattern to form. Then, make a good position.
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