Banknifty on the daily time frame has starting closing below 20 ema and closed 200 points lower.
There is a bearish moving average crossover on hourly time frame and took support around 42200.
Global market showed some strenght but Indian markets were on the other side.
On 15 minute time frame, the market tried to cross the 20 ema but couldn't sustain above it.
Support :- 42220, 41950
Resistance :- 43630, 42950
The market has given a close below 23.6% fibonnaci levels and can come to test the next fibonnaci level of 38.2% i.e.41600.
Wait for the price action near the level before entering the trade.
There is a bearish moving average crossover on hourly time frame and took support around 42200.
Global market showed some strenght but Indian markets were on the other side.
On 15 minute time frame, the market tried to cross the 20 ema but couldn't sustain above it.
Support :- 42220, 41950
Resistance :- 43630, 42950
The market has given a close below 23.6% fibonnaci levels and can come to test the next fibonnaci level of 38.2% i.e.41600.
Wait for the price action near the level before entering the trade.
