It has given a nice up move in a single candle and closed forming a flag and pole pattern.
The market movement is consolidation, a move and consolidation again.
Tomorrow being the weekly expiry banknifty may give a trending move.
Major resistance levels :- 47700, 47830, 48000
If there is a gap up opening, there are chance of market moving even higher and closing above 48k levels.
In case of a flat to slight gap down opening, a bullish move can be captured as per the price action.
Support levels :- 47500, 47280
Wait for the price action near the levels before entering the markets.
The market movement is consolidation, a move and consolidation again.
Tomorrow being the weekly expiry banknifty may give a trending move.
Major resistance levels :- 47700, 47830, 48000
If there is a gap up opening, there are chance of market moving even higher and closing above 48k levels.
In case of a flat to slight gap down opening, a bullish move can be captured as per the price action.
Support levels :- 47500, 47280
Wait for the price action near the levels before entering the markets.
Note
The market is around a crucial levels and is sustaining the levels.
But nifty is giving a downside move and RSI is showing bearish divergence.
A bearish move can be captured in the market.
Wait for market to break 47950 levels.
:)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.