Banknifty weekly expiry analysis for 04/09/2024.
Banknifty has been lagging behind and is still 1500-1700 points lower from its all time high.
The market in the final hour has given a nice upside rally and closed above the round number levels and the resistance zone.
An engulfing candle is formed on the daily charts and tomorrow is weekly expiry in the index. If there is a gap up opening there are chances of it giving a nice upside rally.
In case of a flat to slight gap down opening, a slaggishness can be seen as the makret is behaving now a days.
Major support levels :- 51550, 51310
Resistance zone :- 51880, 52000, 52150
Banknifty has taken a good support from the Hourly 20 ema and given good upside move. If the move continues a trade can be initiated above the resistance zones.
Wait for the price action near the levels before entering the market.
The market in the final hour has given a nice upside rally and closed above the round number levels and the resistance zone.
An engulfing candle is formed on the daily charts and tomorrow is weekly expiry in the index. If there is a gap up opening there are chances of it giving a nice upside rally.
In case of a flat to slight gap down opening, a slaggishness can be seen as the makret is behaving now a days.
Major support levels :- 51550, 51310
Resistance zone :- 51880, 52000, 52150
Banknifty has taken a good support from the Hourly 20 ema and given good upside move. If the move continues a trade can be initiated above the resistance zones.
Wait for the price action near the levels before entering the market.
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