Banknifty weekly analysis for 18/09/23.
After a nice upside momentum banknifty is now in a sideways trend and during the last trading session it has consolidated hitting 46300 levels.
It is trading around the ATH and on the weekly charts there is a nice V-shape recovery for the markets.
On the daily charts, there is a formation of a doji and has closed 230 points higher.
Nifty has already crossed the ATH and is trading around the new high. Its time for banknifty to give a break out or take a halt and then give a break out. A good trading opportunity will be there if the markets consolidated and then give a break out as the market has already given a nice upside move.
There is also a bearish RSI divergence on the daily charts which will not give much of a confidence in the bullish trade.
On the hourly time frame, it has sustain above the moving averages and is still trading above it. If the market give a break down and close below the 20 ema there will be a chance of a momentum and hit a small target on the bearish side in a bullish market.
Support :- 46080, 45860,45600
Resistance :- 46300, 46500(round number figure), 46830 (fib level)
Banknifty is having good support on the lower side and it can reverse taking support from the support zone.
Wait for the price action near the levels before entering the market.
It is trading around the ATH and on the weekly charts there is a nice V-shape recovery for the markets.
On the daily charts, there is a formation of a doji and has closed 230 points higher.
Nifty has already crossed the ATH and is trading around the new high. Its time for banknifty to give a break out or take a halt and then give a break out. A good trading opportunity will be there if the markets consolidated and then give a break out as the market has already given a nice upside move.
There is also a bearish RSI divergence on the daily charts which will not give much of a confidence in the bullish trade.
On the hourly time frame, it has sustain above the moving averages and is still trading above it. If the market give a break down and close below the 20 ema there will be a chance of a momentum and hit a small target on the bearish side in a bullish market.
Support :- 46080, 45860,45600
Resistance :- 46300, 46500(round number figure), 46830 (fib level)
Banknifty is having good support on the lower side and it can reverse taking support from the support zone.
Wait for the price action near the levels before entering the market.
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