Banknifty daily analysis for 25/08/23.
Banknifty has given a flat closing after a gap up opening of more than 200 points and unable to close above the 20 ema.
On the hourly charts, there was a sell off after the first hour candle and the trend continued and started trading below 200 ema in the second half.
Dow Jones is also trading in red. Indian market may also be bearish in short term.
The market has closed between both the moving averages on 15 minute charts.
Banknifty has given a nice rally and looks stronger than nifty.
Support :- 44450, 44310, 44100
Resistance :- 44900, 45080
Market tried to touch 45000 but the seller took market 500 point down from day's high. There are support for market and if the last support level 43580 is breached in the coming week, there are high chance of market carrying a bearish trend.
Wait for the price action near the levels before entering the market.
On the hourly charts, there was a sell off after the first hour candle and the trend continued and started trading below 200 ema in the second half.
Dow Jones is also trading in red. Indian market may also be bearish in short term.
The market has closed between both the moving averages on 15 minute charts.
Banknifty has given a nice rally and looks stronger than nifty.
Support :- 44450, 44310, 44100
Resistance :- 44900, 45080
Market tried to touch 45000 but the seller took market 500 point down from day's high. There are support for market and if the last support level 43580 is breached in the coming week, there are high chance of market carrying a bearish trend.
Wait for the price action near the levels before entering the market.
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