Banknifty weekly analysis for 29/01/24.

Jan 28

Banknifty has closed below the weekly 20 ema and looks bearish as the golden ratio is also breached.

The previous trading session has formed a bullish hammer but still is trading below the previous day high.

Bullish swing/intrady should be created above 46200 levels. It has taken support from 20DEMA.

Major support levels :- 44480, 44290

No trading zone is market between 44480-45130 due to the volatility in the market.

Resistance levels :- 45130, 45470, 46160

Markets will be opening after a long weekend and chance are there of a gap up/down opening.

Trailing stop loss can help capturing the trend.

This is a budget week and option premiums will be high. Enter a confirm setup and aviod entering the between the trend.

Watch price action near the levels before entering the trade.

Jan 29

Note

There is a support from the 20 ema on the hourly charts and the consolidation is good if the market starts to move either side.

It has closed near the round number figure of 45500.

Major resistance levels :- 45620, 46150

Upcoming budget is creating volatility in the market and if the vix keep going up, option premium will be high.

Wait for a break out of today's high for bullish move, if market opens flat.

Support levels :- 45120, 44500

Keep a strict SL and R:R ratio as per the risk appetite.

Jan 30

Note

banknifty looks good as it has halted and consolidated around the high.

It has closed only 70 points lower which shows strength as compare to nifty.

Major target on the bullish side is around 46150 and hourly 200 ema can act as another target.

Bullish target :- 46150, 46500

Enter bullish trade on once there is a break out and reverse trade on the break down.

There is buying happening around 45200-50 levels.

Support :- 45200, 44500

Tomorrow is expiry and it has consolidated a lot, there can be a trend market.

Wait and enter a trade with a trailing SL.

:)