FinNifty weekly expiry for 14/08/23.
FinNifty has closed below the swing low and for consecutive 3 weeks it has given red candle.
The market tried to retrace from the 19730 levels but this time it has closed below it.
On the daily chart, there is a low formation, retest and again it is forming another low. The bearish trend is confirmed and once the index start trading below the previous day low bearish trades can be entered.
It has closed between both the moving averages and the formation of an inverted cup is there which gives more conviction of the move to be a trending move.
On the hourly charts, the market has formed a bearish moving averages cross over and it has closed below both the moving averages. There are chance of market retesting the moving averages. If there is a negative candle formation near the level, enter a bearish trade.
19780-19850 range is a volatile range. It will be wise too avoid trading in this range as there is too much volatility in this range.
Support :- 19620, 19500
Resistance :- 19750, 19835, 19920
Tomorrow is Finnifty expiry and option premium will give good decay. The index on the smaller time frame is forming a lower low lower high pattern which can give confidence in a bearish trade.
Wait for the price action near the levels before entering the market.
The market tried to retrace from the 19730 levels but this time it has closed below it.
On the daily chart, there is a low formation, retest and again it is forming another low. The bearish trend is confirmed and once the index start trading below the previous day low bearish trades can be entered.
It has closed between both the moving averages and the formation of an inverted cup is there which gives more conviction of the move to be a trending move.
On the hourly charts, the market has formed a bearish moving averages cross over and it has closed below both the moving averages. There are chance of market retesting the moving averages. If there is a negative candle formation near the level, enter a bearish trade.
19780-19850 range is a volatile range. It will be wise too avoid trading in this range as there is too much volatility in this range.
Support :- 19620, 19500
Resistance :- 19750, 19835, 19920
Tomorrow is Finnifty expiry and option premium will give good decay. The index on the smaller time frame is forming a lower low lower high pattern which can give confidence in a bearish trade.
Wait for the price action near the levels before entering the market.
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