Banknifty daily analysis for 27/10/22
Banknifty on the daily time frame has given a nice bearish engulfing candle, filling the gap created during muhurat trading.
Market has given a nice up move during the last week and is taking a pause for another move.
Index has seen a sell off from the initial hour and tried to regain some points. During the last trading hour the market fell around 300 points.
Banknifty, on 15 minute time frame, respected the 20 ema but during the end there was a break down and market closed between both the moving averages.
Support :- 41000, 40890, 40660
Resistance :-41120, 41335, 41540
The market has moved 5% up in the last week and is taking a pause before another up move.
Wait for the price action near the levels before entering the market.
Watch for the premiums to cool down in the initial time as tomorrow markets are close and the next day is monthly expiry.
Market has given a nice up move during the last week and is taking a pause for another move.
Index has seen a sell off from the initial hour and tried to regain some points. During the last trading hour the market fell around 300 points.
Banknifty, on 15 minute time frame, respected the 20 ema but during the end there was a break down and market closed between both the moving averages.
Support :- 41000, 40890, 40660
Resistance :-41120, 41335, 41540
The market has moved 5% up in the last week and is taking a pause before another up move.
Wait for the price action near the levels before entering the market.
Watch for the premiums to cool down in the initial time as tomorrow markets are close and the next day is monthly expiry.
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