Banknifty weekly analysis for 09/09/2024.
Banknifty is trading below the 50k levels and the weekly bearish engulfing candle signifies some bearishness coming.
The market has reversed from 50% fib levels and the pattern formation is also negative.
Index seems to give a follow through candle in the same direction as it has been trading silently for past few days.
Major levels :-50400, 49940, 49670
If market starts trading below 49700 levels, a bearish trend will be confirmed and sell on rise will be the market cycle.
Resistance levels :- 51000, 51320
Banknifty is trading below all the moving averages on the hourly charts and has also breached 20 & 50 DEMA.
Trade only the setup market create. Use trailing SL and profit booking on the targets.
Wait for the price action near the levels before entering the market.
The market has reversed from 50% fib levels and the pattern formation is also negative.
Index seems to give a follow through candle in the same direction as it has been trading silently for past few days.
Major levels :-50400, 49940, 49670
If market starts trading below 49700 levels, a bearish trend will be confirmed and sell on rise will be the market cycle.
Resistance levels :- 51000, 51320
Banknifty is trading below all the moving averages on the hourly charts and has also breached 20 & 50 DEMA.
Trade only the setup market create. Use trailing SL and profit booking on the targets.
Wait for the price action near the levels before entering the market.
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