Banknifty has formed a nice dragon fly doji or a hammer candle with a bullish engulfing candle on the daily charts.
It tested the 200 ema and has closed on a bullish note as it moved 500 points from the day low.
On the hourly chart, it has closed above both the moving averages.
If there is another gap up opening, there can be a one side rally as it is weekly expiry for the index.
Support :- 43630, 43300
Resistance :- 43850, 44180.
The market can remain bullish this week owing to the festival week. And banknifty has closed above the 61.8% fib level which is also convincing for a bullish move.
Wait for the price action near the level before entering the market.
It tested the 200 ema and has closed on a bullish note as it moved 500 points from the day low.
On the hourly chart, it has closed above both the moving averages.
If there is another gap up opening, there can be a one side rally as it is weekly expiry for the index.
Support :- 43630, 43300
Resistance :- 43850, 44180.
The market can remain bullish this week owing to the festival week. And banknifty has closed above the 61.8% fib level which is also convincing for a bullish move.
Wait for the price action near the level before entering the market.
