FinNifty on the hourly candle is forming a bearish flag pattern and the weekly candle is also showing some negative sentiment.
It has taken support from 20 ema on weekly charts and is trading between the daily moving averages.
The hourly resistance of 20 ema is also being respected. Bearish setup seems clear in the index.
Resistance levels :- 20640, 20920
In case market starts trading above 21630 or there is a gap up above the levels, avoid trading as there can be a volatile weekly expiry again.
Bearish trades can be initiated below 20450 levels for targets of 20250 and 20070.
Support levels :- 20450, 20250
Tomorrow is the weekly expiry of FinNifty. So trade less qty as markets are volatile.
Wait for a price action and trade only confirm setup.
It has taken support from 20 ema on weekly charts and is trading between the daily moving averages.
The hourly resistance of 20 ema is also being respected. Bearish setup seems clear in the index.
Resistance levels :- 20640, 20920
In case market starts trading above 21630 or there is a gap up above the levels, avoid trading as there can be a volatile weekly expiry again.
Bearish trades can be initiated below 20450 levels for targets of 20250 and 20070.
Support levels :- 20450, 20250
Tomorrow is the weekly expiry of FinNifty. So trade less qty as markets are volatile.
Wait for a price action and trade only confirm setup.
