Banknifty weekly analysis for 04/03/24.
Diupdate
Last week the markets were volatile.
A M pattern formation and immediate reversal forming a V pattern shows the volatility.
The market need to retest of halt on the upper levels before crossing the ATH.
On friday, there was a 2.5% bullish move in banknifty it seem to be bullish as on intraday levels.
Positional trades can also be entered, if market comes to test 46500-700 zone.
Now the resistances on the upper side seems to be somewhat weak.
Major bullish target :- 47600, 47840
Supports are far and there should be a retest.
Wait for the price action near the levels before entering the market.
A M pattern formation and immediate reversal forming a V pattern shows the volatility.
The market need to retest of halt on the upper levels before crossing the ATH.
On friday, there was a 2.5% bullish move in banknifty it seem to be bullish as on intraday levels.
Positional trades can also be entered, if market comes to test 46500-700 zone.
Now the resistances on the upper side seems to be somewhat weak.
Major bullish target :- 47600, 47840
Supports are far and there should be a retest.
Wait for the price action near the levels before entering the market.
Catatan
There was a sideways market today and has closed around 47500 levels.
Level has been tested too many times and if there is a gap there are chance of market taking out the resistance above.
In case there is a flat opening and market starts sustaining above the resistance zone, bullish trades can be initiated as it has taken halt today.
Major resistance levels :- 47510, 47610, 47820
It can give another 500-700 points move if nifty start moving towards 22500 levels.
Wait for the price action and trade accordingly. :
:)
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