Banknifty has been trading in a range for last few trading session and has formed a dragon fly doji. The market has been forming a base for a trend reversal and can give nice bullish move tomorrow on monthly expiry.
An inside candle has been formed. Bullish trades can be initiated once it starts trading above the previous day high.
RSI is showing a bullish divergence, and the market in the closing hour has given a nice bullish move.
On the hourly charts, the market has closed above the 20 ema. It has been trading near 50% fibonnaci level and has closed above it, move and retest has been done, the market has also consolidated and there will be a big break out.
Support :- 39400, 39300
Resistance :- 39600, 39765, 39960
Index has been taking rejection from 200 ema, 15 minutes time frame, and has closed near the level. If the market starts trading above the EMA, bullish trades can be initiated.
Wait for the price action near the price levels before entering the market.
An inside candle has been formed. Bullish trades can be initiated once it starts trading above the previous day high.
RSI is showing a bullish divergence, and the market in the closing hour has given a nice bullish move.
On the hourly charts, the market has closed above the 20 ema. It has been trading near 50% fibonnaci level and has closed above it, move and retest has been done, the market has also consolidated and there will be a big break out.
Support :- 39400, 39300
Resistance :- 39600, 39765, 39960
Index has been taking rejection from 200 ema, 15 minutes time frame, and has closed near the level. If the market starts trading above the EMA, bullish trades can be initiated.
Wait for the price action near the price levels before entering the market.
