Banknifty weanalysis for 30/01/23.
Banknifty gave a nice sell trades for intraday and swing traders. The market took resistance from 50% fibonnaci levels and fell 5% this week losing 2160 points.
The market has closed below the 20 ema on the weekly charts and tested 40200 levels.
There was a bearish moving averages cross over on hourly charts and the market remained for selling on the second day.
Market cycle has changed as there is a trending market in the first half and consolidation in the second. The market on the 15 minutes charts, has tried to recover but is forming a double top pattern.
If the market comes for selling and closed below 40200 levels another 400-500 points movement can be seen.
Support :- 40200, 39870, 39250
Resistance :- 40500, 40865
Banknifty fell more due to the Hinderburg report on Adani group and if there is no clear response to the report another fall is expected in Indian market.
Wait for the price action near the price levels before entering the market.
The market has closed below the 20 ema on the weekly charts and tested 40200 levels.
There was a bearish moving averages cross over on hourly charts and the market remained for selling on the second day.
Market cycle has changed as there is a trending market in the first half and consolidation in the second. The market on the 15 minutes charts, has tried to recover but is forming a double top pattern.
If the market comes for selling and closed below 40200 levels another 400-500 points movement can be seen.
Support :- 40200, 39870, 39250
Resistance :- 40500, 40865
Banknifty fell more due to the Hinderburg report on Adani group and if there is no clear response to the report another fall is expected in Indian market.
Wait for the price action near the price levels before entering the market.
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