Banknifty after a gap up opening came for a profit booking and closed 60 points lower forming a red candle on the daily charts.
On the hourly charts, it seem to consolidate after the initial sell off and has closed above both the moving averages.
Market has given a nice bullish move and are stretched enough to give a retest or consolidation. It will be sideway or volatile before giving another bullish leg.
On 15 minute time frame, it formed a lower high lower low formation and there are chance of market giving some retracement.
Watch for option premiums as tomorrow is banknifty's weekly expiry and there are less chance of a trending move in market as it has already move alot.
Support :- 45430, 45320, 45230
Resistance :- 45690, 45855
Wait for the price action near the levels before entering the market.
On the hourly charts, it seem to consolidate after the initial sell off and has closed above both the moving averages.
Market has given a nice bullish move and are stretched enough to give a retest or consolidation. It will be sideway or volatile before giving another bullish leg.
On 15 minute time frame, it formed a lower high lower low formation and there are chance of market giving some retracement.
Watch for option premiums as tomorrow is banknifty's weekly expiry and there are less chance of a trending move in market as it has already move alot.
Support :- 45430, 45320, 45230
Resistance :- 45690, 45855
Wait for the price action near the levels before entering the market.
