BANKNIFTY prediction for tomorrow 9 Jan 24

8 gen

As we discussed yesterday, Banknifty could not break to the upside. it stayed inside and fell heavily. As looking at the chart structure has broken outside the pattern to the downside. I am expecting it to fall more till level 46950. also, OI data PCR = 0.60 shows super Bearishness in the market. You can see the OI chart, which shows the MAXPAIN 47500. If it breaks to the downside, then a big fall directly to level 47950 is achievable. My View will be Bearish for tomorrow.
Reasons:

1. The chart has broken to the downside, which shows a super bearish structure. (Bearish)
   
2. OI data shows PCR = 0.6, which is assumed to be the bearish market condition. Today, CE was added in large quantities, which can be seen in the daily OI change. (Bearish)
   
3. RSI has dropped to the bearish zone (<40), which shows very weak bulls in the market.
   
4. Price < EMAs that shows price is weaker; Supply > Demand (Bearish).
   
5. 47450 might be acting as price action support, but as the selling pressure for today was quite high, it's less probable that the market will hold that level. Bears activate your trade once the 47500 level is clear. Try to avoid making an early entry.
   

Verdict:
Bearish

Plan of action:
Bearish if it Breaks the 47500 level to the downside; otherwise, wait for PA at 47500.

Note: PA = Price Action