Banknifty from the first hour was looking weak and whole day traded lower than nifty.
It has given a red candle and closed 340 points lower forming a doji. Still banknifty respected the previous swing but has started closing below previous day closing range.
This week till now has given more of losses as there is no clear trend in the market.
In the second half, traders were looking for a expiry trade but it kept on hitting Stop losses and formed doji after doji on hourly charts.
The market has closed below both the moving averages on hourly charts and took rejection from 200 ema previous. Today it tried too sustain the 20 ema but 10:15 AM candle gave a break out of the levels and single candle closed 370 points lower.
Banknifty is looking negative and nifty is otherwise. It would be good to just avoid a day or two for trading as there is no clarity of where the market will be heading.
On 15 minute charts, there was a up and down candle one after the other and closing hour was horrible to trade as option premium due to time decay couldn't not give expected targets. It constantly struggled to cross the 20 ema and has closed below both the moving averages.
Support :- 44500, 44310
Resistance :- 44710, 44900
Banknifty constantly tested 44600 levels and closed near 44540 levels. If there is a gap up opening, enter bullish trade only once 44700 levels are crossed.
Market has created resistance and supports nearby and can react to any of the levels. Take small profits out of the market.
Wait for the price action near the levels before entering the market.
It has given a red candle and closed 340 points lower forming a doji. Still banknifty respected the previous swing but has started closing below previous day closing range.
This week till now has given more of losses as there is no clear trend in the market.
In the second half, traders were looking for a expiry trade but it kept on hitting Stop losses and formed doji after doji on hourly charts.
The market has closed below both the moving averages on hourly charts and took rejection from 200 ema previous. Today it tried too sustain the 20 ema but 10:15 AM candle gave a break out of the levels and single candle closed 370 points lower.
Banknifty is looking negative and nifty is otherwise. It would be good to just avoid a day or two for trading as there is no clarity of where the market will be heading.
On 15 minute charts, there was a up and down candle one after the other and closing hour was horrible to trade as option premium due to time decay couldn't not give expected targets. It constantly struggled to cross the 20 ema and has closed below both the moving averages.
Support :- 44500, 44310
Resistance :- 44710, 44900
Banknifty constantly tested 44600 levels and closed near 44540 levels. If there is a gap up opening, enter bullish trade only once 44700 levels are crossed.
Market has created resistance and supports nearby and can react to any of the levels. Take small profits out of the market.
Wait for the price action near the levels before entering the market.
