Banknifty daily analysis for 03/08/23.
Finally market has closed below 20 ema and closed below 45k levels. There is a doji candle on the daily charts after touching a low of 44750 levels.
RSI is also showing bearish divergence on the higher time frame and after testing the new highs Banknifty is retesting the lows.
On the hourly time frame, a tweezer bottom pattern has been formed after touching the support levels of 44750 and closed below both the moving averages.
After crossing the 45100 levels market sell upto 44750 and reversed quickly and closed near 45k levels.
On 15 minutes time frame, market has closed below both the moving averages and is close to 20 ema after a nice fall of 600 points.
Support :-44750, 44565
Resistance :- 45100, 45310
After a 200 points gap down opening market continued to fall and if market starts trading below 44550 level, there are chance of market testing 44k levels.
Tomorrow is weekly expiry and today's fall may continue. Sell on rise market is on.
Wait for the price action near the levels before entering the market.
RSI is also showing bearish divergence on the higher time frame and after testing the new highs Banknifty is retesting the lows.
On the hourly time frame, a tweezer bottom pattern has been formed after touching the support levels of 44750 and closed below both the moving averages.
After crossing the 45100 levels market sell upto 44750 and reversed quickly and closed near 45k levels.
On 15 minutes time frame, market has closed below both the moving averages and is close to 20 ema after a nice fall of 600 points.
Support :-44750, 44565
Resistance :- 45100, 45310
After a 200 points gap down opening market continued to fall and if market starts trading below 44550 level, there are chance of market testing 44k levels.
Tomorrow is weekly expiry and today's fall may continue. Sell on rise market is on.
Wait for the price action near the levels before entering the market.
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