BANKNIFTY Special session analysis 20 Jan 24

NSE is running special trading sessions to test the disaster management platform. There is no compulsion to participate in the trading for today. But if you wish to, here is the analysis that you can follow.
Banknifty has been in the range of 45600-46200, which is marked as a sideways zone for BN.
They were also looking at OI data PCR = 0.58, which is super bearish. But NIFTY is bullish. Also, BN monthly expiry data is bullish, indicating a chance of recovery. As it has also formed a triple bottom, it can recover. But as it is testing day, only a few traders might participate, which might lead to sideways momentum.
I am expecting it to end in a sideways zone only if it does not break the zone to the downside.

Reasons:
  1. Price < EMAs shows bearishness in the market.
  2. RSI < 40, which shows the weakness of bulls; even though it goes up, it has to cross 60 to be bullish—so there are more chances for it to end sideways today.
  3. OI data PCR = 0.58 shows a very bearishness signal in the market.
    It's trading in the sideways zone right low looking on the chart, and OI data doesn't break either side. More chances are to end up a sideways day.


Verdict:
Sideways or Bearish

Plan of Action :
Don't go for option BUYING; you can sell options after seeing 15 min candle PA.
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