Banknifty has given a nice bearish engulfing candle and the global markets are too trending in the negative momentum. Even after a gap up opening the market has closed 360 points lower giving a 1000 points move from day high.
On hourly charts, the market has taken a rejection from the 20 ema and from the first candle onwards it came for selling.
In last 5 trading sessions, banknifty has fallen more than 2500 points or 6%. It can take a halt before another selling and form a narrow trading range for tomorrow.
On the 15 minute time frame, RSI is trading in a oversold zone and there can be a halt in the first half.
It would be wise to trade in the second half of the trading session, as there can be a gap down opening seeing the global markets.
Support :- 38850, 39550
Resistance :- 39125, 39530
Wait for the price action near the price levels before entering the markets.
On hourly charts, the market has taken a rejection from the 20 ema and from the first candle onwards it came for selling.
In last 5 trading sessions, banknifty has fallen more than 2500 points or 6%. It can take a halt before another selling and form a narrow trading range for tomorrow.
On the 15 minute time frame, RSI is trading in a oversold zone and there can be a halt in the first half.
It would be wise to trade in the second half of the trading session, as there can be a gap down opening seeing the global markets.
Support :- 38850, 39550
Resistance :- 39125, 39530
Wait for the price action near the price levels before entering the markets.
