Banknifty weekly expiry analysis for 21/08/2024.
Banknfity has given a nice move on the upper side clearing the resistance zone of 50800 but reversed after testing the round levels of 51k.
The markets were looking bullish from the morning and even in the second half. The last hour selling has created a confusion about the market movement for tomorrow.
It has been respecting the resistance trendline and retested 38.2% fib levels.
Shorting opportunity in the market will trigger once the makret starts trading below 50550 levels.
If today's high is taken out by the market, a gap filling trade can be a possibility while testing the higher levels.
Major support levels :- 50550, 50250
Resistance levels :- 51000, 51260
Wait for the price action near the levels before entering the market.
The markets were looking bullish from the morning and even in the second half. The last hour selling has created a confusion about the market movement for tomorrow.
It has been respecting the resistance trendline and retested 38.2% fib levels.
Shorting opportunity in the market will trigger once the makret starts trading below 50550 levels.
If today's high is taken out by the market, a gap filling trade can be a possibility while testing the higher levels.
Major support levels :- 50550, 50250
Resistance levels :- 51000, 51260
Wait for the price action near the levels before entering the market.
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