Banknifty daily analysis for 30/08/23.
Banknifty is constantly struggling to clear the 20 ema and today also after a gap up opening it has closed near to the moving average.
The market is not going in a flow and is creating volatility. Option seller are making profits while option buyer are not getting much opportunity.
On the hourly charts, it has closed between both the moving averages and has taking support from 20 ema. Trades will be there once the trend is decided in the markets.
On 15 minutes chart, market has closed between both the moving averages and is close to the 20 ema.
There are sellers around 44600 levels which pushing market down. Banknifty is still holding the levels of 44500 and has closed flat.
Support :- 44480, 44350, 44180
Resistance :- 44580, 44700
Support and resistance are nearby that will not give a good R:R ratio for option buyers. Trades should be initiated once the market clear the range of 44350-44700. In between there will be a volatile market.
Wait for the price action near the levels before entering the market.
The market is not going in a flow and is creating volatility. Option seller are making profits while option buyer are not getting much opportunity.
On the hourly charts, it has closed between both the moving averages and has taking support from 20 ema. Trades will be there once the trend is decided in the markets.
On 15 minutes chart, market has closed between both the moving averages and is close to the 20 ema.
There are sellers around 44600 levels which pushing market down. Banknifty is still holding the levels of 44500 and has closed flat.
Support :- 44480, 44350, 44180
Resistance :- 44580, 44700
Support and resistance are nearby that will not give a good R:R ratio for option buyers. Trades should be initiated once the market clear the range of 44350-44700. In between there will be a volatile market.
Wait for the price action near the levels before entering the market.
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