BANKNIFTY prediction for 29 Dec 24
As we discussed yesterday, the market opened at -500 points and spent whole days sideways volatile moment.
If we look at the chart now:
The market is trading at 1H-TF 0.618 fib level, which is a good point to support. It also did hold today nicely.
Support levels: 51138, 50719.
Resistance levels: 52075, 52378, and 52833
.
If we look at the OI data:
PCR = 0.5, which has decreased from 0.9, shows bearish market behavior. The market has good CE and PE writing at 51500, which is going to provide maximum pain. On higher levels, the market has good CE writing at 52000 and 52500, which is going to provide a very good resistance point. On Lover, levels 51500 and 51000 have good PE writing, which is going to provide good support.
I have neutral behavior in the market.
Reason:
Verdict: Neutral
Plan of action:
Sell 51500 CE and Sell 51500 PE (Hedge position)
adjust according to the price action on given levels.
If we look at the chart now:
The market is trading at 1H-TF 0.618 fib level, which is a good point to support. It also did hold today nicely.
Support levels: 51138, 50719.
Resistance levels: 52075, 52378, and 52833
.
If we look at the OI data:
PCR = 0.5, which has decreased from 0.9, shows bearish market behavior. The market has good CE and PE writing at 51500, which is going to provide maximum pain. On higher levels, the market has good CE writing at 52000 and 52500, which is going to provide a very good resistance point. On Lover, levels 51500 and 51000 have good PE writing, which is going to provide good support.
I have neutral behavior in the market.
Reason:
- Price < EMAs shows bearish market structure.
- PCR = 0.5 shows that the market is bearish.
- RSI < 40 shows the strength of a weak bull.
- Price < VWAP shows the market is bearish right now.
- the market is trading at 0.618 fib level, which can be a good support point.
Verdict: Neutral
Plan of action:
Sell 51500 CE and Sell 51500 PE (Hedge position)
adjust according to the price action on given levels.
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