Description
⋅ FinNifty has remained completely sideways today and is trading in a consolidation range.
On the hourly charts, the market has closed between both the moving averages and might touch the 200 EMA.
In case of a gap down opening, there is probability of market going bearish and testing the lower levels.
Major support level :- 20600, 20480
If there is a slight gap up or flat opening, wait for the market crosses and sustain above the trend line, upper levels can be tested.
Resistance levels :- 20760, 20830
The daily candle is showing some negativity as there is a hanging man candle near the support level.
Tomorrow is the monthly expiry of the index, watch for the option premium and time decay.
If there is a break out/down in the second half of the trading session, a trending move can be seen.
Wait for the price action near the levels before entering the market.