Banknifty is way more bearish than nifty. It has again not sustained the gap up and came for selling from the first hour of the session.
The market is unable to close above the 20 ema and has agian closed below the levels after a gap up.
It lost around 600 points from day high, the second half of the market gave a 400 points downside move, closing 260 points lower.
On the hourly charts, market has closed below both the moving averages and took support around 44200 level.
Today's daily candle has formed a engulfing candle and the RSI indicator is also showing some bearish divergence.
Banknifty is trading in a wide range and is coming for selling as the buyer are getting exhausting on those levels. The seller seems to be promising and can take market down.
Watch for the swing of 43400 to break for a short bearish trend. Tomorrow is a monthly expiry and banknifty can give a nice trending market has it has been consolidating.
Tomorrow can be a day of option buyer. Bearish trades should be carried on with partial booking and trailing stop loss.
Support :- 44170, 44000
Resistance :- 44350, 44500
Wait for the price action near the levels before entering the market.
The market is unable to close above the 20 ema and has agian closed below the levels after a gap up.
It lost around 600 points from day high, the second half of the market gave a 400 points downside move, closing 260 points lower.
On the hourly charts, market has closed below both the moving averages and took support around 44200 level.
Today's daily candle has formed a engulfing candle and the RSI indicator is also showing some bearish divergence.
Banknifty is trading in a wide range and is coming for selling as the buyer are getting exhausting on those levels. The seller seems to be promising and can take market down.
Watch for the swing of 43400 to break for a short bearish trend. Tomorrow is a monthly expiry and banknifty can give a nice trending market has it has been consolidating.
Tomorrow can be a day of option buyer. Bearish trades should be carried on with partial booking and trailing stop loss.
Support :- 44170, 44000
Resistance :- 44350, 44500
Wait for the price action near the levels before entering the market.
