BANKNIFTY prediction for tomorrow 12 Oct 23As we discussed yesterday, Bank Nifty stayed in the upper zone with weak bull power. Also, today, in the last hour, it was huge selling, and the whole day, it was more of a position rounding off because of unstable Bank nifty momentum. If Banknifty breaks the trendline to the downside, then it's highly probable that it will touch the 200 EMA.
Reasons:
RSI 40-60 mostly. (sideways)
50 EMA is providing a nice support point for BN. ( bullish)
Price > EMAs (still bullish)
47500 is having huge CE writing. Lower levels don't have much OI except 47000.
PCR = 1.17 (Bullish) (1.45->1.17); it's still bullish, but OI have been fallen significantly.
Verdict:
It's still bullish unless it breaks to the downside.
Plan of action:
check initially 15 min momentum. And follow chart levels.
