Banknifty weekly analysis for 26/08/2024.
Banknifty trading in a range on the dialy charts and is around the resistance levels.
A dynamic support around the 100 ema (daily) and 20 ema (weekly) is there. There are chances of BN recovering and test the high as nifty is only 200 points short of the ATH.
In a bullish trade there is a huge gap to cover for banknifty.
Major resistance levels :- 51130, 51540, 51800
Now the market has created support but the trendline resistance is still there. Once the market starts trading above the resistance line, a bullish trade with proper R:R can be initiated.
Major support levels :- 50800, 50300
Watch out for the levels and the price action in the charts.
Trade only the setup not emotions.
A dynamic support around the 100 ema (daily) and 20 ema (weekly) is there. There are chances of BN recovering and test the high as nifty is only 200 points short of the ATH.
In a bullish trade there is a huge gap to cover for banknifty.
Major resistance levels :- 51130, 51540, 51800
Now the market has created support but the trendline resistance is still there. Once the market starts trading above the resistance line, a bullish trade with proper R:R can be initiated.
Major support levels :- 50800, 50300
Watch out for the levels and the price action in the charts.
Trade only the setup not emotions.
Comment
Another day the market has given a sideways movement and closed above the resistance zone, creating a gap away zone.
Both the major indices are has traded side ways today.
The market is trading silently after the initial hour momentum. Nifty has closed above the 25k levels(ATH) but Banknifty is still lagging behind.
If the market starts trading higher, banknifty can be considered as there are more chance of it giving momentum.
Major support levels :- 51120, 50890
Resistance levels :- 51380, 51540
Wait for the price action near the levels before entering the market.
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