Banknifty daily analysis for 25/10/23.
Banknifty has given a nice trending move after forming a bearish flag and pole pattern in the market.
It has closed 570 points lower with major fall in a single hour candle of 14:15.
Market continued to hold the previous day low and the support zone around it but in the second half the market started trading below the previous swing low of 43600 finally touch 43k level.
Even the 200 ema couldn't sustain as a support and market has closed below it which adds up to the bearish sentiments.
On the hourly charts, it constantly took resistance from the 20 ema and came for selling.
Support :- 43090, 42800
Resistance :- 43420, 43590
The fall was a nice one and there are chance of market following a trend. The close of the market is outside the ongoing consolidation range.
Sell on rise market has started as it has closed below the swing low. Trade with a strict SL and enter only with a good R:R ratio.
Wait for the price action near the levels before entering the market.
It has closed 570 points lower with major fall in a single hour candle of 14:15.
Market continued to hold the previous day low and the support zone around it but in the second half the market started trading below the previous swing low of 43600 finally touch 43k level.
Even the 200 ema couldn't sustain as a support and market has closed below it which adds up to the bearish sentiments.
On the hourly charts, it constantly took resistance from the 20 ema and came for selling.
Support :- 43090, 42800
Resistance :- 43420, 43590
The fall was a nice one and there are chance of market following a trend. The close of the market is outside the ongoing consolidation range.
Sell on rise market has started as it has closed below the swing low. Trade with a strict SL and enter only with a good R:R ratio.
Wait for the price action near the levels before entering the market.
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