Banknifty daily analysis for 04/08/23.
Banknifty in 2 days have lost more than 1000 points and today has given a doji candle after testing 44300 levels.
On the hourly charts, a bearish moving averages cross over has been formed. Banknifty has given a nice fall and can take halt for a day before giving a fall.
Market now after 1000 points fall may take a halt or retest before another fall.
On 15 minutes chart, there was a serious rejection from 20 ema and gave 600 point move after getting resistance from the levels. It has closed near the 20 ema.
Support :- 44270, 43960
Resistance :- 44750, 45090
Today being a weekly expiry market reversed from 44300 levels and gave a up move of 230 points.
Wait for the price action near the levels before entering the market.
On the hourly charts, a bearish moving averages cross over has been formed. Banknifty has given a nice fall and can take halt for a day before giving a fall.
Market now after 1000 points fall may take a halt or retest before another fall.
On 15 minutes chart, there was a serious rejection from 20 ema and gave 600 point move after getting resistance from the levels. It has closed near the 20 ema.
Support :- 44270, 43960
Resistance :- 44750, 45090
Today being a weekly expiry market reversed from 44300 levels and gave a up move of 230 points.
Wait for the price action near the levels before entering the market.
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