Banknifty daily analysis for 01/09/23.
Banknifty retested the 20 ema and again came for selling. During the opening hour market was volatile and formed a doji.
After the retest market came for selling and touched 44000 levels and recovered. The market has closed 240 points lower.
On the hourly charts, it traded below the moving averages and closed below it.
It has taken a good support around 44000 levels and is still around it.
On 15 minute time frame, the market took rejection from 200 ema and after took resistance from 20 ema. The market has closed below both the moving averages.
The market for 2 consecutive day has given a fall and being a monthly expiry market didn't give much move in the second half of the session.
Support :- 43950, 43750
Resistance :- 44100, 44350
The market has show some sell off in last 2 session and it may take a halt, if there is a gap up opening. Otherwise, it can again come for selling.
Wait for the price action near the levels before entering the market.
After the retest market came for selling and touched 44000 levels and recovered. The market has closed 240 points lower.
On the hourly charts, it traded below the moving averages and closed below it.
It has taken a good support around 44000 levels and is still around it.
On 15 minute time frame, the market took rejection from 200 ema and after took resistance from 20 ema. The market has closed below both the moving averages.
The market for 2 consecutive day has given a fall and being a monthly expiry market didn't give much move in the second half of the session.
Support :- 43950, 43750
Resistance :- 44100, 44350
The market has show some sell off in last 2 session and it may take a halt, if there is a gap up opening. Otherwise, it can again come for selling.
Wait for the price action near the levels before entering the market.
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