Banknifty has given a nice move after the budget day and closed 200 point lower on daily close and 1000 points lower from the day's high.
The weekly chart is showing a rejection from golden fib ratio of 61.8% around 47k zone.
Though, it has closed above the 20 WEMA buy still it is trading below 20 DEMA. The market has given much move in the last week but volatility was high which helped option seller to create position while taking a hunt on option buyers.
Major support levels :- 45860-900, 45300, 44550
Currently, nifty tested it high but banknifty is still lagging in testing the high by 1800 points. If the market remain positive and give some bullish momentum there are chance for the index to retest the high.
It will face resistances while testing the higher highs around round number figure and resistance zone.
Resistance zone :- 46550, 47000
No trading zone is marked and there is possibility of market easing of with the volatility to create a trend or sideways movement.
Wait for the market to decide whether it sideways or trending. Must watch for the price action formation near the zone and trade accordingly.
The weekly chart is showing a rejection from golden fib ratio of 61.8% around 47k zone.
Though, it has closed above the 20 WEMA buy still it is trading below 20 DEMA. The market has given much move in the last week but volatility was high which helped option seller to create position while taking a hunt on option buyers.
Major support levels :- 45860-900, 45300, 44550
Currently, nifty tested it high but banknifty is still lagging in testing the high by 1800 points. If the market remain positive and give some bullish momentum there are chance for the index to retest the high.
It will face resistances while testing the higher highs around round number figure and resistance zone.
Resistance zone :- 46550, 47000
No trading zone is marked and there is possibility of market easing of with the volatility to create a trend or sideways movement.
Wait for the market to decide whether it sideways or trending. Must watch for the price action formation near the zone and trade accordingly.
on the hourly chart, it trading below the moving averages and has given a nice consolidation near the support level of 45750.
Wait for the market to give a flat or slight gap up opening, and give a break down.
Bearish trades can be entered if it sustains below 45750.
Support levels :- 45300, 44550
Upper levels have rejected the price and the round number figure is also there.
Price action near the levels should be there to confirm the entry in a trade.
:)