Banknifty has given a gravestone doji again and closed 123 poinnts lower. It has been trading around the 20 ema.
The market has retested the 50% fibnocci level and retraced back in the last hour of the trading session.
On the hourly charts, traded around the moving averages and gave a break down. During the last hour market recover and took resistance from the 200 ema, closing between both the moving averages.
It created a base around 44250 levels and formed a morning star pattern.
There is a U-shape recovery, on 15 minutes chart, which shows some bullishness in the market. There are chance of a bullish moving averages cross over on the smaller time frame as botht the moving averages are close by.
Now market has closed around 44400 levels which give space for banknifty to move and either give a break out or break down.
Support :- 44350, 44250, 44100
Resistance :- 44550, 44660, 44750
Banknifty on the weekly expiry showed some movement and during the last hour there was a volatile market.
Wait for the price action near the levels before entering the market.
The market has retested the 50% fibnocci level and retraced back in the last hour of the trading session.
On the hourly charts, traded around the moving averages and gave a break down. During the last hour market recover and took resistance from the 200 ema, closing between both the moving averages.
It created a base around 44250 levels and formed a morning star pattern.
There is a U-shape recovery, on 15 minutes chart, which shows some bullishness in the market. There are chance of a bullish moving averages cross over on the smaller time frame as botht the moving averages are close by.
Now market has closed around 44400 levels which give space for banknifty to move and either give a break out or break down.
Support :- 44350, 44250, 44100
Resistance :- 44550, 44660, 44750
Banknifty on the weekly expiry showed some movement and during the last hour there was a volatile market.
Wait for the price action near the levels before entering the market.
