Banknifty Prediction for today 15 July 24

15 Tem

As we discussed, BANKNIFTY opened in a sideways zone, touched the resistance zone, and then fell nicely and ended up sideways closing.

If we look at the chart now:
The market is trading near the support zone. The market is making the Inverted HNS, which shows the market can be bullish today as the right shoulder is yet to complete. I have illustrated both cases in the chart to see if it opens a gap down or a gap up.

Support levels: 52086, 51778, 51318
Resistance levels: 52657, 53178

If we look at the OI data:
PCR = 0.78 shows mild bullish market behavior. There is good PE writing on 52000 levels, which shows a good support point. On the other hand, 52500 has very good resistance as having the highest CE writing.

Reason:

1. RSI is 40 - 60, showing the market is going to be a sideways structure.
   
2. Price > EMA(13, 50, 200) shows bullisah market structure.
   
3. PCR = 0.78 shows that the market is mildly bullish.
   
4. Price < VWAP shows a bearish market structure.
   

Verdict: Neutral Bullish

Plan of action:
wait for 15 min candle. Wait for good price action on the 52000 levels, and make your positions accordingly.