Banknifty after a gap down of 500 points has given a nice up move of around 1200-1300 points.
An intraday rally of 1000+ points has now been a trending market.
The market has given only on red candle on the hourly time frame and that too in the last hour of the day.
There is an engulfing bullish candle on the daily time frame and the markets can give another rally as it is a weekly expiry.
On 15 minute analysis, banknifty has closed around its 20 ema and has consolidated near 41300 levels
Support :- 41300, 41000, 40840
Resistance :- 41420, 41800
Banknifty remained bullish and gained nice moment as compare to nifty. It is near its ATH and it can even create new high in the coming week.
Wait for the price action near the levels and watch for the premium decay as option premiums were high today.
An intraday rally of 1000+ points has now been a trending market.
The market has given only on red candle on the hourly time frame and that too in the last hour of the day.
There is an engulfing bullish candle on the daily time frame and the markets can give another rally as it is a weekly expiry.
On 15 minute analysis, banknifty has closed around its 20 ema and has consolidated near 41300 levels
Support :- 41300, 41000, 40840
Resistance :- 41420, 41800
Banknifty remained bullish and gained nice moment as compare to nifty. It is near its ATH and it can even create new high in the coming week.
Wait for the price action near the levels and watch for the premium decay as option premiums were high today.
