Banknifty weekly analysis for 24/07/23
Banknifty has been travelling with a good moment and has formed a nice green candle gaining 2.8% (1255 points) on the weekly close. Nifty didn't support the up move on friday due to the IT sector fall and banknifty finally closed only 100 points lower.
On there daily charts, a doji candle has been formed. Either it is a halt candle or a reversal candle, no clarity is there. The market seems to have some potential on the upper side and can go up to 48-49k levels in the rally.
The market traded in 300 points range after forming a new high in the first hour of the session.
Consolidation in a range is going on and RSI is forming some bearish divergence on hourly charts. There is a possibility of market retesting some lows and getting ready for another bullish leg.
Banknifty has given a strong closing than nifty and is still trading above the 20 EMA on the hourly charts.
Watch for a break out of the levels for initiating bullish trades.
Support :- 45950, 45630, 45450
Resistance :- 46260, 46365
Wait for the price action near the levels before entering the market.
On there daily charts, a doji candle has been formed. Either it is a halt candle or a reversal candle, no clarity is there. The market seems to have some potential on the upper side and can go up to 48-49k levels in the rally.
The market traded in 300 points range after forming a new high in the first hour of the session.
Consolidation in a range is going on and RSI is forming some bearish divergence on hourly charts. There is a possibility of market retesting some lows and getting ready for another bullish leg.
Banknifty has given a strong closing than nifty and is still trading above the 20 EMA on the hourly charts.
Watch for a break out of the levels for initiating bullish trades.
Support :- 45950, 45630, 45450
Resistance :- 46260, 46365
Wait for the price action near the levels before entering the market.
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