Banknifty weekly analysis for 31/07/23.
Banknifty has formed a halt candle this week after a nice bullish move last week.
On the daily time frame, it has taken a double support from 20 ema and 61.8% Fibonacci levels.
The market has formed a doji on the daily chart. Though market has given a breakdown of the range it was trading but there is still confusion where will it move.
On the hourly charts, market has closed between both the moving average. There are chance of market testing the 200 ema and if it also closed below it, 44500 levels can also be tested.
The market is looking bullish on the weekly charts, confusing on daily charts and bearish on the hourly charts. Watch the market for intraday trades and closing of daily for swing and positional trades.
Support :- 45300, 45100
Resistance :- 45500, 45650
Banknifty is trading in an area where there is resistance and support in small range. Small targets should be taken in this kind of market as there can be a sideways market.
Wait for the price action near the levels before entering the market.
On the daily time frame, it has taken a double support from 20 ema and 61.8% Fibonacci levels.
The market has formed a doji on the daily chart. Though market has given a breakdown of the range it was trading but there is still confusion where will it move.
On the hourly charts, market has closed between both the moving average. There are chance of market testing the 200 ema and if it also closed below it, 44500 levels can also be tested.
The market is looking bullish on the weekly charts, confusing on daily charts and bearish on the hourly charts. Watch the market for intraday trades and closing of daily for swing and positional trades.
Support :- 45300, 45100
Resistance :- 45500, 45650
Banknifty is trading in an area where there is resistance and support in small range. Small targets should be taken in this kind of market as there can be a sideways market.
Wait for the price action near the levels before entering the market.
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