BankNifty Breakout prediction for today 29 Nov 23

29 Kas 2023

As we discussed yesterday, Banknifty moved to upside and took a retrace and again continue the bullish momentum. By looking the chart and OI data Banknifty is highly likely to move in the up direction.
Reasons:

1. BANKNIFTY break the range by making inverted HNS pattern. (Bullish)
   
2. RSI has broken to upside and retraced. (Bullish)
   
3. Price > EMAs (Bullish)
   
4. EMAs golden crossover. (Bullish)
   
5. PCR = 1.12 (Bullish)
   

Verdict:
Bullish

Plan of action:
Sell 43900 PE and Buy 44000 CE