Banknifty weekly expiry levels for 03/01/24.
Updated
Banknifty has given a fall in daily charts, closing below the round number figure of 48k.
It is sitting around 50% fibonacci levels. Either it will retest 38.2% level or come to test 61.8% levels.
Major Support levels :- 47675, 47460
Tomorrow is weekly expiry and today itself has given a 470 points fall. If the market remain bearish the lower levels can be tested.
Resistance:- 48070-150, 48460
Market has given a retracement. There can be a chance of market reversing but will take a halt candle before reversing.
Wait for the price action near the levels before entering the market.
It is sitting around 50% fibonacci levels. Either it will retest 38.2% level or come to test 61.8% levels.
Major Support levels :- 47675, 47460
Tomorrow is weekly expiry and today itself has given a 470 points fall. If the market remain bearish the lower levels can be tested.
Resistance:- 48070-150, 48460
Market has given a retracement. There can be a chance of market reversing but will take a halt candle before reversing.
Wait for the price action near the levels before entering the market.
Note
Banknifty gave the first bearish target and reversed from there. It consolidated whole day eating away the premiums.
It has also tested 61.8% levels. Daily close has given a bullish candle.
See for market to trade above or below today's high or low respectively.
Major Support levels :-47430, 47120
Resistance :- 47970, 48100
In short term market is in bearish trend. Once it starts trading below 47k there will be a M pattern formation.
Note
It has given a nice recovery after the fall and clear 61.8% fib level of the current retracement.
There is a trend line which is being respected by the index. If there is a gap up opening and come to retest the trend line, bullish trade can be initiated.
Else wait for it to form a price action either bullish or bearish around the resistance zone of 48400-450.
Major Target level for upside :- 48450, 48600
A beautiful morning star pattern it created on the daily closes. If the market break out of the 48450 levels there are chances of it creating a new ATH.
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