Banknifty on the daily time frame has given a red candle after a gap up opening and closing 180 points higher.
It opened above the 20 ema but couldn't sustain above the level and closed below the level and constantly faced resistance from 44500 level.
On the hourly charts, banknifty traded between both the moving averages, taking resistance from the 200 ema and support from 20 ema.
Today, there was a nice sell in the market in the second half after a consolidation forming a bearish flag and pole pattern.
Tomorrow is weekly expiry and last expiry has also been in the consolidation phase. If there is a trend move it can be captured by booking 80% on the target and trailing SL for the remaining 20%.
On 15 minute charts, the market closed around both the moving averages. The market took support from the 200 ema and respected the 44350 level.
Support :- 44330, 44210
Resistance :- 44450, 44550, 44730
Wait for the price action near the level before entering the market.
It opened above the 20 ema but couldn't sustain above the level and closed below the level and constantly faced resistance from 44500 level.
On the hourly charts, banknifty traded between both the moving averages, taking resistance from the 200 ema and support from 20 ema.
Today, there was a nice sell in the market in the second half after a consolidation forming a bearish flag and pole pattern.
Tomorrow is weekly expiry and last expiry has also been in the consolidation phase. If there is a trend move it can be captured by booking 80% on the target and trailing SL for the remaining 20%.
On 15 minute charts, the market closed around both the moving averages. The market took support from the 200 ema and respected the 44350 level.
Support :- 44330, 44210
Resistance :- 44450, 44550, 44730
Wait for the price action near the level before entering the market.
