Huge selling in Banknifty. Analysis for 18/01/24.Single day fall of 2k points in banknifty is showing a bearish sentiments.
A break out of the consolidaiton box is confirmed. Now the market is standing at 46050 and a clear support of 46k can be seen.
If 46k levels is gone another day of selling may be there.
Major support :- 46000, 45650
Market closing below the 20 ema and near to day low. Watch market price action for 1 hour as after a huge selling overnight positions will be initiated and in the first 15 minutes there will be profit booking, in case of gap down opening.
Avoid bullish trades for tomorrow.
The banking sector is down because of the HDFC bank single handed fell 8%, almost 150 points lower.
Gap up will create confusion. In this case avoid trading.
Wait and watch price action.
