Banknifty weekly analysis for 03/10/22.
Banknifty on the weekly time frame has closed just below the 38.2% fibonnaci level and has formed a dragon fly doji after testing its 20 ema on weekly time frame.
The market, on the daily time frame, has formed a bullish engulfing candle and almost engulfed 2 previous candle on whole.
Though the market is trading between both the emas, and global cues are negative, the market trend is still negative and this is just a retest before another fall.
Banknifty in the second half of the trading session has consolidated and formed a flag and pole kind of pattern.
The market on the hourly time frame, has crossed the 20 ema and closed above it.
Banknifty has gained over 2.5% or about 1000 points after a flat opening. The market as predicted was trending after a halt of 2 consecutive trading sessions.
Support :- 38530, 38280, 38010
Resistance:- 38780, 38960, 39130
The market for the next 2-3 trading session can test its 50% and 61.8% fibonnaci levels on weekly time frame. The market can turn down as it can be retest of the double top formation.
Wait for the price action near the levels before entering the markets.
The market, on the daily time frame, has formed a bullish engulfing candle and almost engulfed 2 previous candle on whole.
Though the market is trading between both the emas, and global cues are negative, the market trend is still negative and this is just a retest before another fall.
Banknifty in the second half of the trading session has consolidated and formed a flag and pole kind of pattern.
The market on the hourly time frame, has crossed the 20 ema and closed above it.
Banknifty has gained over 2.5% or about 1000 points after a flat opening. The market as predicted was trending after a halt of 2 consecutive trading sessions.
Support :- 38530, 38280, 38010
Resistance:- 38780, 38960, 39130
The market for the next 2-3 trading session can test its 50% and 61.8% fibonnaci levels on weekly time frame. The market can turn down as it can be retest of the double top formation.
Wait for the price action near the levels before entering the markets.
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