Finnifty weekly expiry on 23/10/23.
Finnifty on the weekly charts has been consolidating in a narrow range, taking support around 19550 levels.
On the weekly chart, market has closed below the 20 ema. It has closed below the closing range of 19800-19830.
There is a nice support around the 19500 level as it has been tested thrice recently. It tried to recover after a gap down opening.
It has formed an inside candle on the daily charts while closing between both the moving averages.
On the hourly charts, it is forming a bullish pattern of higher high higher low. There is a ascending triangle pattern.
Tomorrow is it weekly expiry due to the holiday on tuesday.
Support :- 19540, 19450
Resistance :- 19640, 19700, 19850
Markets are still unable to go trending and there are high chances of market following through the movement as the monthly expiries of other indices are approaching.
Wait for the price action near the levels before entering the market.
On the weekly chart, market has closed below the 20 ema. It has closed below the closing range of 19800-19830.
There is a nice support around the 19500 level as it has been tested thrice recently. It tried to recover after a gap down opening.
It has formed an inside candle on the daily charts while closing between both the moving averages.
On the hourly charts, it is forming a bullish pattern of higher high higher low. There is a ascending triangle pattern.
Tomorrow is it weekly expiry due to the holiday on tuesday.
Support :- 19540, 19450
Resistance :- 19640, 19700, 19850
Markets are still unable to go trending and there are high chances of market following through the movement as the monthly expiries of other indices are approaching.
Wait for the price action near the levels before entering the market.
Both the support levels are breached and good profits have been captured in the instant fall.
Watch the market taking a retracement or falling further.