Banknifty Prediction for tomorrow 8 April 24

6 avr.

Banknifty has been in an uptrend for the last week.
By looking at the chart:
BankNIfty is trading at an all-time high right now. The Bulls are weak at this point. In the past two days, there has also been selling pressure.

By looking at the OI data:
PCR = 1.34 indicates a bullish market nature. 48500 will be acting as the Max-Pain. Above 48500, there is not much resistance. Below 48500, there are minor supports till 48000, and then, at 48000, there is a huge PE writing, which is going to provide a strong support zone.

I am expecting the market to get some consolidation in upcoming sessions, which might lead to a high volatility sideways market.
All important levels have been marked at chart.
Support: 47770, 47410
Resistance: 49000, 49400
Reasons:

1. The market has given a nice bull momentum, which now requires consolidation.
   
2. The market is trading at the resistance zone 1H-TF.
   
3. Price > EMAs show a bullish market structure.
   
4. RSI > 60 is in the bullish zone.
   
5. Price > VWAP, which indicates that the market price is not balanced.
   

Verdict:
Sideways or bullish

Plan of action: Sell 48500 CE & 48200 PE (Hedge it with 20/-)