Banknifty weekly analysis for 04/09/23.
Banknifty has been facing rejection from 38.2% fibonacci levels and this week also it has retraced after touching the level. Though, the market has travelled around 44800 levels but couldn't sustain the levels and has closed below 44500 level.
There is another doji on the weekly charts and the market is still not showing some conviction of the trend.
There was a constant struggle in crossing 20 ema on the daily charts and still the market has closed near the level. There is a bullish engulfing candle and many time banknifty has reversed after testing 44000 levels.
On the hourly chart, there is a struggle in crossing 200 ema and has closed between both the moving averages. There are chance of a bullish move this week as there is a G-20 meeting.
The market will take a little pull back as the it has travelled a lot in one direction.
On 15 minute time frame, market has closed above both the moving averages and has retested the support level of 44350 after a rejection from 44570 levels.
There are chance of moving going bullish even after a gap up opening as the retracement is done.
Support :- 44350, 44080
Resistance :- 44570-90, 44910
Watch for a trending move in the market as a good consolidation is done and a nice break out can be seen.
Wait for the price action near the levels before entering the market.
There is another doji on the weekly charts and the market is still not showing some conviction of the trend.
There was a constant struggle in crossing 20 ema on the daily charts and still the market has closed near the level. There is a bullish engulfing candle and many time banknifty has reversed after testing 44000 levels.
On the hourly chart, there is a struggle in crossing 200 ema and has closed between both the moving averages. There are chance of a bullish move this week as there is a G-20 meeting.
The market will take a little pull back as the it has travelled a lot in one direction.
On 15 minute time frame, market has closed above both the moving averages and has retested the support level of 44350 after a rejection from 44570 levels.
There are chance of moving going bullish even after a gap up opening as the retracement is done.
Support :- 44350, 44080
Resistance :- 44570-90, 44910
Watch for a trending move in the market as a good consolidation is done and a nice break out can be seen.
Wait for the price action near the levels before entering the market.
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