For last few trading sessions, market is volatile and is taking the stop losses.
Today also the market remained in a range and closed below the daily 20 ema. There is a rejection from the levels and an inverted hammer is formed on the daily charts.
If there is a gap up to flat opening and market starts trading below today's low, it can test the lower support levels.
Fibonacci levels are also retested on the bearish front. Now market has to decide which trend to follow as it has been creating confusion.
Major support levels :- 46400, 46150
Resistance levels :- 46750, 46940
Tomorrow is the montly expiry for banknifty. It has been consolidating in a range for last 3 trading session and there is a possibility of it showing some trending move.
Wait for the pirce action near the levels before entering the market.
Today also the market remained in a range and closed below the daily 20 ema. There is a rejection from the levels and an inverted hammer is formed on the daily charts.
If there is a gap up to flat opening and market starts trading below today's low, it can test the lower support levels.
Fibonacci levels are also retested on the bearish front. Now market has to decide which trend to follow as it has been creating confusion.
Major support levels :- 46400, 46150
Resistance levels :- 46750, 46940
Tomorrow is the montly expiry for banknifty. It has been consolidating in a range for last 3 trading session and there is a possibility of it showing some trending move.
Wait for the pirce action near the levels before entering the market.
