Banknifty prediction for today 9 July

2024년 7월 9일

As we discussed, BANKNIFTY opened sideways and ended sideways with volatility.
If we look at the chart now:
The market is trading in the range of 52276-52676.

Support levels: 52276, 52000, and 51610
Resistance levels: 52676, 52816, and 53197
200 EMA and 50 EMA is going to provide good suport and resistance.

If we look at the OI data:
PCR = 0.63, which shows a bearish behavior in the market. The market can be seen as very volatile between 52276 and 52676. There has been good CE writing on higher levels, which indicates that bears are powerful.
I expect the market to be sideways in the range, and if it breaks the range, it is going to give good momentum.
Reason:

1. RSI < 40-60; shows market sideways structure.
   
2. EMA(200) < Price < EMA(13,50) shows bearishness. If it breaks, the support trendline can give targets till 200-EMA.
   
3. PCR = 0.63 shows that the market is bearish.
   
4. Price < VWAP shows a bearish market structure.
   

Verdict: Neutral

Plan of action:
The morning 15-minute direction will determine the market direction.
Once the direction is confirmed, make the position according to case 1 or case 2 as provided.

2024년 7월 9일

노트

2024년 7월 9일

노트

follow the channel

2024년 7월 9일

노트

Trend might be inside channel Or if breaks to downside a good bearish momentum can be seen...