Banknifty daily analysis for 14/07/23.
Market today has closed flat. In the morning even after a gap up market tried to cross and sustain above 45k levels but couldn't sustain and there was a sell off in the second half given nice sell opportunity.
Option premium on the PE side gained almost 200%. Today was option buyers day and a trending market in the second half.
Banknifty lost around 500 points from the day high and started closing below 44700 level (previous support).
On the hourly charts, market are unable to sustain above 20 ema. On the smaller time frame, moving averages close enough and are converging and diverging.
There is a bearish move in the banknifty as it is not crossing the previous high and lower high lower low formation is going on.
Support :- 44610, 44450
Resistance :- 44780, 45060
While moving up market has formed many gaps and it is filling it slowly. If the market start trading below 44600 levels, 44500 levels will be tested.
Buyer and seller are still in confusion where to take the market. Let there be a trend and follow it.
Wait for the price action near the levels before entering the market.
Option premium on the PE side gained almost 200%. Today was option buyers day and a trending market in the second half.
Banknifty lost around 500 points from the day high and started closing below 44700 level (previous support).
On the hourly charts, market are unable to sustain above 20 ema. On the smaller time frame, moving averages close enough and are converging and diverging.
There is a bearish move in the banknifty as it is not crossing the previous high and lower high lower low formation is going on.
Support :- 44610, 44450
Resistance :- 44780, 45060
While moving up market has formed many gaps and it is filling it slowly. If the market start trading below 44600 levels, 44500 levels will be tested.
Buyer and seller are still in confusion where to take the market. Let there be a trend and follow it.
Wait for the price action near the levels before entering the market.
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