Banknifty daily analysis for 29/08/23.
Banknifty looked positive today and has closed above the round level of 44500, closing 260 above.
Still market faced rejection from 20 ema and has closed just below the levels. Though the market has formed a green candle, this might be a retracement of the previous swing for another bearish move.
Market is standing around the 61.8% fib levels and has not closed above the levels.
On the hourly charts, market has closed between both the moving averages and is taking resistance from 200 ema.
There is not clear trend in the market. Watch for a clearer view to enter the trades.
On 15 minute time frame, there is a bullish moving averages cross over and has closed above both the EMAs.
Support :- 44480, 44350, 44182
Reesistance :- 44550, 44690
Market are approaching the monthly expiry and hasn't moved much in previous trading session. There will be a momentum in coming session.
Wait for the price action near the levels before entering the market.
Still market faced rejection from 20 ema and has closed just below the levels. Though the market has formed a green candle, this might be a retracement of the previous swing for another bearish move.
Market is standing around the 61.8% fib levels and has not closed above the levels.
On the hourly charts, market has closed between both the moving averages and is taking resistance from 200 ema.
There is not clear trend in the market. Watch for a clearer view to enter the trades.
On 15 minute time frame, there is a bullish moving averages cross over and has closed above both the EMAs.
Support :- 44480, 44350, 44182
Reesistance :- 44550, 44690
Market are approaching the monthly expiry and hasn't moved much in previous trading session. There will be a momentum in coming session.
Wait for the price action near the levels before entering the market.
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