FinNifty weekly expiry levels for 02/01/24.
Updated
FinNifty has formed a neutral doji and has shown selling in the last hour of the trading session.
On last two weekly expiries it hadn't shown some moment. There are chances of market giving some movement tomorrow.
Hourly candle has closed below the 20 ema and there was good selling from the day high.
Intraday targets for selling :- 21290-320, 21220
Markets are trading at ATH and higher trades can be initiated only if there is a price action or pattern formation.
Wait for the price action near the levels before entering the market.
On last two weekly expiries it hadn't shown some moment. There are chances of market giving some movement tomorrow.
Hourly candle has closed below the 20 ema and there was good selling from the day high.
Intraday targets for selling :- 21290-320, 21220
Markets are trading at ATH and higher trades can be initiated only if there is a price action or pattern formation.
Wait for the price action near the levels before entering the market.
Note
It took support from 50% fibonacci levels. If there is another fall in the market Finnifty can test the Golden ratio.
Break out will give nice momentum as there is total consolidation in the second half.
Note
Finnifty closed above the round number figure of 21500 and is showing some positivness.
It retested to 61.8% levels and reversed after the retracement.
V shape recovery on the hourly charts shows some strenght in the index.
High chance of it clearing the ATH.
Upside targets :- 21595, 21630
Wait for the price action and in case of gap up it will be wise to avoid trade if the R:R ratio is not favourable.
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