Market wait to decide trend. Weekly closing around crucial level
The weekly chart of the market has closed around an interesting resistance zone. Even RSI indicator is showing some strength but price action needs to confirm.
Fibonacci Golden Ratio is also in sink with the resistance zone and on the contrary it took support on the weekly charts from the major trend Golden ratio.
There is a confusion as both the indices are showing some gap and they will pull each other.
If nifty keeps it rally and banknifty sustain and starts trading above the resistance zone, banknifty will reached new ATH.
In case banknifty face rejection from these levels and starts trading below the weekly 20 EMA, it will pull bank nifty.
There will be a double bottom probability around the support zone or a M pattern formaiton on the weekly charts.
This week need to close above 47300 levls to prove its bullish, else have to wait for another week on the positional trade.
If the market moves sideways, some good entries and exits can be taken from these zone.
Monthly candle close is still in between. Next week clear monthly view can be seen.
High probability of market deciding the trend is there in this week.
Positional trades from the next month expiry may be triggered this week as per the price action formation.
If it takes out the previous day high possibility of forming another 500 points candle can be there.
Major resistance levels :- 47900-48000, 48400
There can be a nice trending move in banknifty as nifty has entered an uncharted area.
The monthly chart is looking positive and a morning star formation can be there in the month of march.
:)