Banknifty on the weekly time frame has formed a evening star pattern and closed below the 20 ema.
Even on the daily time frame the market has closed below the 200 ema and 40k round level.
Market has been taking support from 39900 levels. If it starts trading below the levels, bearish trades can be entered and nice targets can be achieved.
On the hourly time frame, the market has closed below both the moving averages and formed a consolidation zone in the second session.
The market has consolidated in a parallel channed. Let the market start trading outside the channel and decide the intraday trend.
Support :- 39800, 39500
Resistance :- 40140, 40600
The 20 ema on 15 minutes is around the 40600 levels, watch for a resistance from it and any negative candle around it will be an opporunity.
Wait for the price action near the price levels before entering the markets.
Even on the daily time frame the market has closed below the 200 ema and 40k round level.
Market has been taking support from 39900 levels. If it starts trading below the levels, bearish trades can be entered and nice targets can be achieved.
On the hourly time frame, the market has closed below both the moving averages and formed a consolidation zone in the second session.
The market has consolidated in a parallel channed. Let the market start trading outside the channel and decide the intraday trend.
Support :- 39800, 39500
Resistance :- 40140, 40600
The 20 ema on 15 minutes is around the 40600 levels, watch for a resistance from it and any negative candle around it will be an opporunity.
Wait for the price action near the price levels before entering the markets.
