Banknifty on the weekly close has given a hammer candle and has retraced from 61.8% levels.
It has given a slow progress after testing the ATH and is lagging the other index. There are chances of it giving a nice move this week, if it starts trading above fibonacci level.
There is a parallel channel consolidation and if it clears the resistance zone around 48k levels there will be a good move to capture 200-250 points on the spot chart.
Major resistance levels :- 47860-900, 48180
Higher targets in a bullish trade can be captured by trailing the SL.
Price action and setup should be checked before entering any trade.
Support zone :- 47610-650, 47450, 47250
The zone between 47600-47900 is a no trading zone for tomorrow.
If there is a flat to slight gap up/down opening and market consolidate in the first half and move on the higher side in the second half, good targets can be captured in the index.
It has given a slow progress after testing the ATH and is lagging the other index. There are chances of it giving a nice move this week, if it starts trading above fibonacci level.
There is a parallel channel consolidation and if it clears the resistance zone around 48k levels there will be a good move to capture 200-250 points on the spot chart.
Major resistance levels :- 47860-900, 48180
Higher targets in a bullish trade can be captured by trailing the SL.
Price action and setup should be checked before entering any trade.
Support zone :- 47610-650, 47450, 47250
The zone between 47600-47900 is a no trading zone for tomorrow.
If there is a flat to slight gap up/down opening and market consolidate in the first half and move on the higher side in the second half, good targets can be captured in the index.
Nifty has been trading around the higher levels and banknifty is lagging behind.
The banking index is about to form another ATH and start trading above the resistance level and its recent high.
Levels for the index are same. It couldn't achieve the targets in intraday trade but there are chance of it giving the target in coming days.
Focus on banknifty for bullish trades tomorrow as there is a break out scenario on daily closing.