Banknifty daily analysis for 02/08/23.
Markets are forming inside candle and has closed flat losing only 58 points.
Banknifty has been taking resistance from 50% fibonacci levels and is taking rejection from it. It is respecting the fibonacci series and is forming a bearish pattern
A fall and now retest of 50% fib levels shows some bearish move prediction.
For last 3 trading session market has taken option buyers into losses and sideways market cycle is on.
On the hourly time frame, market has closed below the 20 ema, even after a gap up opening.
On 15 minute charts, opening was above both the EMA's but it couldn't sustain above the levels and closed between them. 200 ema has been giving resitance to the market.
Support :- 45500, 45310
Resistance :- 45690, 45850
Market has been trading in a range and in not giving any significant move on either side.
Today's weekly expiry of Nifty Finance service was also confusing and took a lot of money from option buyers.
Wait for the price action near the levels before entering the market.
Banknifty has been taking resistance from 50% fibonacci levels and is taking rejection from it. It is respecting the fibonacci series and is forming a bearish pattern
A fall and now retest of 50% fib levels shows some bearish move prediction.
For last 3 trading session market has taken option buyers into losses and sideways market cycle is on.
On the hourly time frame, market has closed below the 20 ema, even after a gap up opening.
On 15 minute charts, opening was above both the EMA's but it couldn't sustain above the levels and closed between them. 200 ema has been giving resitance to the market.
Support :- 45500, 45310
Resistance :- 45690, 45850
Market has been trading in a range and in not giving any significant move on either side.
Today's weekly expiry of Nifty Finance service was also confusing and took a lot of money from option buyers.
Wait for the price action near the levels before entering the market.
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