Banknifty on the weekly time frame has formed a double top pattern and a spinning top doji candle.
The market has closed 400 points lower after forming a new ATH.
on the hourly time frame, banknifty has closed below its 20 ema and 41000 levels.
Still the banking index seems to be strong as compare to the nifty index.
Banknifty has given a nice recovery in the second half, forming a V-shape pattern on 15 minute time frame and has closed between 20 and 200 emas.
Support :- 40665, 40550, 40250
Resistance :- 40840, 41000, 41170
Banknifty is still holding its 50% fib levels on the daily fibonaci retracement tool. The market can be sideways to bearish as the global cue are still negative.
Wait for the price action near the levels before entering the markets.
The market has closed 400 points lower after forming a new ATH.
on the hourly time frame, banknifty has closed below its 20 ema and 41000 levels.
Still the banking index seems to be strong as compare to the nifty index.
Banknifty has given a nice recovery in the second half, forming a V-shape pattern on 15 minute time frame and has closed between 20 and 200 emas.
Support :- 40665, 40550, 40250
Resistance :- 40840, 41000, 41170
Banknifty is still holding its 50% fib levels on the daily fibonaci retracement tool. The market can be sideways to bearish as the global cue are still negative.
Wait for the price action near the levels before entering the markets.
