Banknifty has given a fall in daily charts, closing below the round number figure of 48k.
It is sitting around 50% fibonacci levels. Either it will retest 38.2% level or come to test 61.8% levels.
Major Support levels :- 47675, 47460
Tomorrow is weekly expiry and today itself has given a 470 points fall. If the market remain bearish the lower levels can be tested.
Resistance:- 48070-150, 48460
Market has given a retracement. There can be a chance of market reversing but will take a halt candle before reversing.
Wait for the price action near the levels before entering the market.
It is sitting around 50% fibonacci levels. Either it will retest 38.2% level or come to test 61.8% levels.
Major Support levels :- 47675, 47460
Tomorrow is weekly expiry and today itself has given a 470 points fall. If the market remain bearish the lower levels can be tested.
Resistance:- 48070-150, 48460
Market has given a retracement. There can be a chance of market reversing but will take a halt candle before reversing.
Wait for the price action near the levels before entering the market.
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It has given a nice recovery after the fall and clear 61.8% fib level of the current retracement.
There is a trend line which is being respected by the index. If there is a gap up opening and come to retest the trend line, bullish trade can be initiated.
Else wait for it to form a price action either bullish or bearish around the resistance zone of 48400-450.
Major Target level for upside :- 48450, 48600
A beautiful morning star pattern it created on the daily closes. If the market break out of the 48450 levels there are chances of it creating a new ATH.
It has given a nice recovery after the fall and clear 61.8% fib level of the current retracement.
There is a trend line which is being respected by the index. If there is a gap up opening and come to retest the trend line, bullish trade can be initiated.
Else wait for it to form a price action either bullish or bearish around the resistance zone of 48400-450.
Major Target level for upside :- 48450, 48600
A beautiful morning star pattern it created on the daily closes. If the market break out of the 48450 levels there are chances of it creating a new ATH.
Banknifty gave the first bearish target and reversed from there. It consolidated whole day eating away the premiums.
It has also tested 61.8% levels. Daily close has given a bullish candle.
See for market to trade above or below today's high or low respectively.
Major Support levels :-47430, 47120
Resistance :- 47970, 48100
In short term market is in bearish trend. Once it starts trading below 47k there will be a M pattern formation.