Banknifty Prediction for tomorrow 17 May 24

5月16日

As we discussed Banknifty sideways or Bullish; it ended-up sideways with high volatility.
If we look at the chart:
The market is trading at resistance (Price action + 200 EMA resistance) right now. the important levels for tomorrow are 47401, 47000 will be working as very good support. while 200 EMA, 47970, and 48332 will be working as nice resistance.

If we look at OI data:
PCR = 0.88 shows bullish structure. if we notice today after 11 AM they is a very heavy CE winding up in the market. 48000 CE was removed approx 33% that shows big players are winding up CE positions in heavy quantity. which might push the market to upside.

FII and DII not yet available.
I nam expecting market to go Higher in uppcoming sessions.

Reasons:

1. RSI crossing 60 to upside that might be a starting of new bullish trend.
   
2. Price > EMA (13) but less than 200 EMA(resistance), which shows the market still has to break 200 EMA to go bullish.
   
3. PCR = 0.88 shows a bullish sign.
   
4. Price > VWAP means bulls are getting strength.
   
5. The market has already given a breakout it was a good accumulation today; soon, it will shoot to the upside.
   

Verdict:
Sideways or Bullish

Plan of action:
Sell 48000 CE and 47600 PE (Hedge with 20/- Premium)