Banknifty daily analysis for 17/10/23.
Banknifty is still trading below the 20 ema and has formed another doji candle at the day close.
It has given a nice move both side. In the opening it tested the lower levels and also tested the higher levels.
On the hourly charts, the market tested the 20 ema, facing resistance from the levels and closed almost flat.
Ongoing market is for the option seller as there is time decay whole in option premiums.
On 15 minutes charts, the market has closed below both the moving averages.
Support :- 44190, 44060, 43860
Resistance :- 44560, 44740
Banknifty is volatile and there are chances of a trending move in the market. There is a good consolidation going on in the market a powerful break out or break down is about to be seen.
Wait for the price action near the levels before entering the market.
It has given a nice move both side. In the opening it tested the lower levels and also tested the higher levels.
On the hourly charts, the market tested the 20 ema, facing resistance from the levels and closed almost flat.
Ongoing market is for the option seller as there is time decay whole in option premiums.
On 15 minutes charts, the market has closed below both the moving averages.
Support :- 44190, 44060, 43860
Resistance :- 44560, 44740
Banknifty is volatile and there are chances of a trending move in the market. There is a good consolidation going on in the market a powerful break out or break down is about to be seen.
Wait for the price action near the levels before entering the market.
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