Banknifty View : Intraday Levels for 8th July (Weekly Expiry)
Overview: Banknifty opened above 35575 and went to hit our 1st resistance level of 35710 and after it continued to maintain that level for a long time and consolidated.
But we gave closing on the lower side due to profit booking at higher levels and NIFTY missed ATH.
The view is bullish and the trend is positive now as long as we are sustaining above 35100 levels.
Banknifty resistance level: 35904/36176
If we open flat and sustain above 35904 levels we can see a target of 36176 on an intraday basis, also tomorrow is weekly expiry so expect a volatile and sessions.
Banknifty Support level: 35575/35240
Only if we form a price action below the support levels of 35575 can we short BNF for the next level of support, but it is not recommended to short tomorrow.
We can see some good movements tomorrow so stay active and if the market goes past day high around 1 PM we can see a good expiry rally.
But we gave closing on the lower side due to profit booking at higher levels and NIFTY missed ATH.
The view is bullish and the trend is positive now as long as we are sustaining above 35100 levels.
Banknifty resistance level: 35904/36176
If we open flat and sustain above 35904 levels we can see a target of 36176 on an intraday basis, also tomorrow is weekly expiry so expect a volatile and sessions.
Banknifty Support level: 35575/35240
Only if we form a price action below the support levels of 35575 can we short BNF for the next level of support, but it is not recommended to short tomorrow.
We can see some good movements tomorrow so stay active and if the market goes past day high around 1 PM we can see a good expiry rally.