Banknifty daily analysis for 15/06/23 (weekly expiry).
Banknifty has consolidated whole day after the first hour fall. A bearish candle on the daily charts have been formed and has consolidated for 3-4 days in a range.
The market has consolidated whole day in 60 points range. It constantly hit the hourly 20 EMA and faced rejection.
There is much probability of a 300-400 points move either side as tomorrow is expiry.
On 15 minutes chart, the market traded around the 20 EMA and closed below both the moving averages.
Support:- 43940, 43820
Resistance :- 44120-170, 44435
Market has halted at the same levels for 3-4 day and the breakout/break down can give nice targets. Watch for confirmation of your setup and enter.
Wait for the price action near the price levels before entering the market.
The market has consolidated whole day in 60 points range. It constantly hit the hourly 20 EMA and faced rejection.
There is much probability of a 300-400 points move either side as tomorrow is expiry.
On 15 minutes chart, the market traded around the 20 EMA and closed below both the moving averages.
Support:- 43940, 43820
Resistance :- 44120-170, 44435
Market has halted at the same levels for 3-4 day and the breakout/break down can give nice targets. Watch for confirmation of your setup and enter.
Wait for the price action near the price levels before entering the market.
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