Banknifty weekly & intraday levels for 08/01/24.
Inside candle is formed on the weekly charts and Banknifty has closed only 130 points lower.
There is a doji week and daily candle.
47400 is a major support level on the daily close. If market starts closing below it there will be a M pattern formtaion and selling can happen.
Currently, it has closed around 61.8% daily fib. Reversal or bearish trades for intraday can be initiated as per the price action around the level.
Major bearish targets. :- 47810, 47560
Trailing SL should be taken in a bearish trades for holding as there can be chance of it being a winning trade.
Resistance :- 48380-400, 48620
47810-48400 is a no trading zone for tomorrow, if the market takes a halt between the levels there will be a time decay in the option.
Short OTM strangle can be created while rolling up or down the leg.
Wait for the price action near the levels before entering the market.
There is a doji week and daily candle.
47400 is a major support level on the daily close. If market starts closing below it there will be a M pattern formtaion and selling can happen.
Currently, it has closed around 61.8% daily fib. Reversal or bearish trades for intraday can be initiated as per the price action around the level.
Major bearish targets. :- 47810, 47560
Trailing SL should be taken in a bearish trades for holding as there can be chance of it being a winning trade.
Resistance :- 48380-400, 48620
47810-48400 is a no trading zone for tomorrow, if the market takes a halt between the levels there will be a time decay in the option.
Short OTM strangle can be created while rolling up or down the leg.
Wait for the price action near the levels before entering the market.
It has tested 47400 levels again and is taking a good support from the levels.
Closing below the 20 days ema is showing some negativity.
Break down after a slight gap up or flat opening can give a selling opportunity for capturing 250 point on the spot chart.
Major support levels :- 47400, 47120
Resistance :- 47800, 48080
RSI is also showing a divergence on the higher time frame. Wait for the market to give a break down of 47400 levels.