FinNifty analysis for weekly expiry 06/08/2024.

Finnifty on the daily chart has given a nice fall of 600 points after a gap down opening.

The index has taken support from 38.2% levels and retested the previous support zone (now acting as resistance zone during the closing hour).

If there is a gap down opening below today's low, wait for market to recover and tilt again for the entry.

In case of a gap up opening, chance of a sideways/ halt markets are more and option premiums may decay.

Option premiums are high as the vix has climbed upto 20 levels gaining 42%.

The market are looking bearish and if it wait to recover it has to create a base or take a halt before recover. Sell on rise is the market for now.

Major support levels :- 23630, 23540, 23430
Resistance :- 23835, 23000

Wait for the price action near the levels before entering the markets.

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