Banknifty monthly expiry trading levels (26/10/23).
Banknifty has given a nice fall of 2% in just 2 trading session and closed below the round fingure of 43k.
Today, it recover for the imbalance in the markets and gave a fall of 200 points in two candle followed by a 300 coming from a single candle that took out the support levels.
On the hourly chart, market has given a good fall and consolidated in the second half which is good for the monthly expiry tomorrow.
Now the market trend for a short term is bearish and sell on rise cycle is in. Option buyers can make positions with a setup confirmation.
Support :- 42600, 42350
Resistance :- 43090, 42380
Banknifty has respected the levels giving the target of 42800 and taking support from the same.
Wait for the price action near the levels before entering the market.
Today, it recover for the imbalance in the markets and gave a fall of 200 points in two candle followed by a 300 coming from a single candle that took out the support levels.
On the hourly chart, market has given a good fall and consolidated in the second half which is good for the monthly expiry tomorrow.
Now the market trend for a short term is bearish and sell on rise cycle is in. Option buyers can make positions with a setup confirmation.
Support :- 42600, 42350
Resistance :- 43090, 42380
Banknifty has respected the levels giving the target of 42800 and taking support from the same.
Wait for the price action near the levels before entering the market.
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