Banknifty daily analysis for 09/08/23.
Banknifty has been trading between 38.2% to 50% fibonacci level and remained volatile whole day.
The market is taking serious resistance from 45k level and today also it tried to cross the level and reversed after hitting the resistance zone of 45100 level.
On the hourly chart, banknifty remained between both the moving averages and gave dji after doji.
Trend is still not decided for the short term and the long term too. This can be a retracement of the major trend or it can be a start of a short term bear market.
Sideway market is killing option buyer as both option are losing theta value.
On 15 minutes chart, 20 ema gave a nice support to the market and it has been tested constantly. If the market starts trading below it and breached the support levels of 44800, enter bearish trades as there are chance of hitting big targets.
Support :-44800, 44625
Resistance :- 45100, 45500
44800-45100 range is a no trading zone as the market is volatile in this range and no clear trend is there between the levels. Option buyers avoid trading between this range but option seller can create short strangle.
Wait for the price action near the levels before entering the market.
The market is taking serious resistance from 45k level and today also it tried to cross the level and reversed after hitting the resistance zone of 45100 level.
On the hourly chart, banknifty remained between both the moving averages and gave dji after doji.
Trend is still not decided for the short term and the long term too. This can be a retracement of the major trend or it can be a start of a short term bear market.
Sideway market is killing option buyer as both option are losing theta value.
On 15 minutes chart, 20 ema gave a nice support to the market and it has been tested constantly. If the market starts trading below it and breached the support levels of 44800, enter bearish trades as there are chance of hitting big targets.
Support :-44800, 44625
Resistance :- 45100, 45500
44800-45100 range is a no trading zone as the market is volatile in this range and no clear trend is there between the levels. Option buyers avoid trading between this range but option seller can create short strangle.
Wait for the price action near the levels before entering the market.
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