Banknifty opened the gap up, saw tiny follow up, couldn't sustain at higher levels, and closed in red near its low, forming a Bearish Candle
Now the price action of today does not look good and did signal caution for the upcoming session.
1. Gap up Opening - Didn't sustain
2. Bearish Engulfing candle at channel resistance.
3. RSI at 70 levels.
4. Full Moon - Price weakness is more frequently seen in the days around Full Moon.
All of the above, signaling a higher probability of a correction in the coming days to come.
Resistance for tomorrow: 39725
For Correction, Prices should trade below this level
Immediate Intraday Support @ 39495
Further support @ 38584 - 38575
Strong support @ 37730 - 37674
Now the price action of today does not look good and did signal caution for the upcoming session.
1. Gap up Opening - Didn't sustain
2. Bearish Engulfing candle at channel resistance.
3. RSI at 70 levels.
4. Full Moon - Price weakness is more frequently seen in the days around Full Moon.
All of the above, signaling a higher probability of a correction in the coming days to come.
Resistance for tomorrow: 39725
For Correction, Prices should trade below this level
Immediate Intraday Support @ 39495
Further support @ 38584 - 38575
Strong support @ 37730 - 37674