Bank Nifty Still in confusion state. Weekly prediction(19/16/23)
A nice expiry this week and a good reversal too.
Banknifty on the weekly expiry has given a very nice move of 500+ points and the option premium took a toll from the first hour.
Though, the market has formed a Harami pattern(bullish reversal) on the daily charts and a dragon fly doji on the weekly charts.
For last 3 weeks, it has been closing in a range of 400 points. It has also given close above the 20 EMA on the daily charts after giving a closed below it on expiry. It might be a fake out and markets are ready to touch new Highs.
This is also the third time that the market have tested the 43450 levels and recovered quickly. Buyers are there forming a Supply zone.
Another pattern is also being formed on the daily charts and if it goes to beark down the neck line very good momentum can be gained.
On the hourly charts, the market trading close to both the moving averages. Either side movement can be taken using the MA Setup.
Major Support:- 43840, 43400
Major Resistance :- 44120, 44435
Positional and swing trades can be entered only when market sustain above 44430 or below 44400. Intraday and scalping trades can be produced in the zone.
Wait and watch for the market movement and price action near the levels before entering the trade.
Banknifty on the weekly expiry has given a very nice move of 500+ points and the option premium took a toll from the first hour.
Though, the market has formed a Harami pattern(bullish reversal) on the daily charts and a dragon fly doji on the weekly charts.
For last 3 weeks, it has been closing in a range of 400 points. It has also given close above the 20 EMA on the daily charts after giving a closed below it on expiry. It might be a fake out and markets are ready to touch new Highs.
This is also the third time that the market have tested the 43450 levels and recovered quickly. Buyers are there forming a Supply zone.
Another pattern is also being formed on the daily charts and if it goes to beark down the neck line very good momentum can be gained.
On the hourly charts, the market trading close to both the moving averages. Either side movement can be taken using the MA Setup.
Major Support:- 43840, 43400
Major Resistance :- 44120, 44435
Positional and swing trades can be entered only when market sustain above 44430 or below 44400. Intraday and scalping trades can be produced in the zone.
Wait and watch for the market movement and price action near the levels before entering the trade.
