FinNifty weekly expiry analysis for 13/08/24.
FinNifty is trading around the round number figure of 23k and has taken resistance from 61.8% fib levels.
There is a down trend confirmation in the market and sell on rise is the market cycle.
For last two trading sessions market has been trading between 20 and 50 ema. If market starts trading below 22800 levels, 22600 shorting target can be achieved and further is can test the recent low fo 22480.
There is not much movement or follow through after the bullish candle and the last hour fall show there are chance of market going for selling.
In case of a gap up opening, the market can go for a gap filling trade upto 22350.
Major support levels :- 22960, 22820
Resistance levels :- 23160, 23233
Watch for the VIX and price action near the levels before entering the markets.
There is a down trend confirmation in the market and sell on rise is the market cycle.
For last two trading sessions market has been trading between 20 and 50 ema. If market starts trading below 22800 levels, 22600 shorting target can be achieved and further is can test the recent low fo 22480.
There is not much movement or follow through after the bullish candle and the last hour fall show there are chance of market going for selling.
In case of a gap up opening, the market can go for a gap filling trade upto 22350.
Major support levels :- 22960, 22820
Resistance levels :- 23160, 23233
Watch for the VIX and price action near the levels before entering the markets.
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