Banknifty weekly analysis for 23/01/24.

已更新

Banknifty is taking support from the weekly 20 ema and has formed a bearish engulfing candle on the charts.

The movinga averages are being respected by the market, it is hovering between both 20 and 200 ema on daily charts.

A consolidation is there in between 50-61.8% fibonacci levels. It has been trading in a similar range for last 3 trading session and this week is only of 3 days.

In case, market starts moving up it will face resistance around the rejection levels of 46610 and 46900-47050.

Resistance :- 46230, 46610, 46900-47050.

The market is showing some negative sentiments and there are chances of it hitting below 45k levels once the support zone of 45500 is breached.

Bearish trades can be initiated once 45450 level is gone and market starts sustaining below it. There are buyers around this level and lower targets of 45000 and 44600 can be capture on the break down.

Support levels :- 45450-500, 44930, 44550(daily 200 ema).

Mark the no trading zone of 45450-46100 as the market is volatile in this range.

Wait for the price action and candle closing below or above the levels before initiating a trade.

註釋

Another 4 digit fall in the index and has given the target of 44930.

The market is still in the bearish territory and there chance of it testing lower levels.

If there is a gap up opening, avoid trading as there will be confusion between buyer and seller.

Bearish targets :- 44600, 44300

Daily 200 ema is also around the support zone of 44600.

Watch for the price action and keep trailing stop loss to capture the maximum of the trend.

註釋

Banknifty has closed above 45k levels today after consolidating in a larger range of 900 points.

The market remained volatile after a gap down opening and tomorrow being a monthly expiry of the indices there can be a trending move.

Support levels :- 44600, 44300

Still the market is in a bearish trend and only after crossing 47k levels bullish trades can be initiated in it.

Upper resistance zone :- 45450, 46150

Trade only confirm setup and avoid early entry. Option premium due to higher vix can give more decay tomorrow.