Banknifty weekly view for 28/08/23.
Banknifty has formed a gravestone doji after retesting 50% fibonacci level of the recent swing.
It has retest the upper levels after taking support from the 20 ema on weekly charts and is trading above the level.
On the daily charts, the market has been trading below the 20 ema and hasn't closed above the moving averages. There was a gap up opening above the moving averages but it couldn't sustain above the level and closed below it.
Banknifty has some support cushion below and there will be a good sell off once market start trading below 43400 levels which is the previous swing low.
On the hourly charts, in the last trading session, market traded below both the moving averages. It took support around 44000 levels and recover quickly after testing the levels and remained volatile after the sudden boom.
There is Cup and handle formation, on 15 minutes charts. The moving averages are close enough and market has closed below both the moving averages.
Support :- 44000, 43750
Resistance :- 44475, 44690
The markets are still volatile and even on the last trading session didn't gave any trending move. Watch markets carefully as the support and resistance are nearby.
Wait for the price action near the levels before entering the market.
It has retest the upper levels after taking support from the 20 ema on weekly charts and is trading above the level.
On the daily charts, the market has been trading below the 20 ema and hasn't closed above the moving averages. There was a gap up opening above the moving averages but it couldn't sustain above the level and closed below it.
Banknifty has some support cushion below and there will be a good sell off once market start trading below 43400 levels which is the previous swing low.
On the hourly charts, in the last trading session, market traded below both the moving averages. It took support around 44000 levels and recover quickly after testing the levels and remained volatile after the sudden boom.
There is Cup and handle formation, on 15 minutes charts. The moving averages are close enough and market has closed below both the moving averages.
Support :- 44000, 43750
Resistance :- 44475, 44690
The markets are still volatile and even on the last trading session didn't gave any trending move. Watch markets carefully as the support and resistance are nearby.
Wait for the price action near the levels before entering the market.
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