Banknifty weekly expiry analysis for 14/08/2024.
Banknifty has closed below the 50k mark and is looking bearish on the daily charts.
It is trading around the 100 ema on daily time frame, which shows some bearishness in the markets. If the market starts trading below today's low, there are chances of it testing the recent low around 49650.
MA strategy and the price action both are signifying some bearish movement in the market.
Hourly charts are trading below the moving averages. A bearish market will be confirmed if the market starts breaching the support levels, after a flat or slight gap up opneing.
If there is a follow through candle in the market, there are chance of testing 49k levels soon.
Major support levels :- 49670, 49400
Resistance levels :- 50000, 50250
Tomorrow is expiry and vix is around 16 which is good for option buyers
Wait for the price action near the levels before entering the trade.
It is trading around the 100 ema on daily time frame, which shows some bearishness in the markets. If the market starts trading below today's low, there are chances of it testing the recent low around 49650.
MA strategy and the price action both are signifying some bearish movement in the market.
Hourly charts are trading below the moving averages. A bearish market will be confirmed if the market starts breaching the support levels, after a flat or slight gap up opneing.
If there is a follow through candle in the market, there are chance of testing 49k levels soon.
Major support levels :- 49670, 49400
Resistance levels :- 50000, 50250
Tomorrow is expiry and vix is around 16 which is good for option buyers
Wait for the price action near the levels before entering the trade.
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