Banknifty Analysis for tomorrow 17 Dec 24

2024年12月16日

As we discussed yesterday, the market was sideways as it could not break the resistance level.
If we look at the chart now:
The market is in a sideways zone and expected to have a bullish bias. If Liquidy Grab came, it might also touch 53300. However, the market is not Bearish right now unless it breaks the support (53300) to the downside. It is a sideways area in the orange region, and it is bullish in the green region.
Support levels: 50 EMA, 53300, 52980, 200 EMA
Resistance levels: 53724, 24290

If we look at the OI data:
PCR = 0.9 (unchanged) shows bullish market behavior. There has been good PE writing at 53500, which is going to provide a good support level. Also, 53500 has good CE writing, which might hold the level for a bit. The next good resistance is 54000.

I am expecting the market to be bullish (if breaks upside) in upcoming sessions.
Reason:

1. The market has broken the upside in the channel-making flag and pole structure.
   
2. PCR = 0.9 shows that the Market is Bullish.
   
3. RSI ~ 60 shows a Bullish structure.
   
4. Price > VWAP shows the market is bearish right now.
   
5. Price is trading in the mother bar candle zone, which is going to be sideways. Once it's broken, it can give nice bullish momentum.
   

Verdict: Sideways in region or Bullish if breaks 53750 to upside.

Plan of action:
Inside sideways Zone IRON CONDOR, if breaks 53750 go BULLISH.