Banknifty daily analysis for 25/01/23.
Banknifty has formed an engulfing candle on closed 90 points lower taking support around 42650 levels.
On the hourly time frame, the market took support from 20 ema and closed near previous day low. The market has closed above both the moving averages.
The market is in consolidation cycle and option buying opporunities are less. Let the market decide the trend and a trending market can be seen if the market start trading below 42650 levels.
The market soaked all the gap up and on 15 minute chart, closed between both the moving averages.
Support :- 42650, 42500
Resistance :- 42750, 42980-43000
Option buyer can take bullish trade after the market crosses and sustain above 43k levels.
Tomorrow being an expiry, if the market consolidate in the first half, last half market can be trending.
Wait for the price action near the levels before entering the market.
On the hourly time frame, the market took support from 20 ema and closed near previous day low. The market has closed above both the moving averages.
The market is in consolidation cycle and option buying opporunities are less. Let the market decide the trend and a trending market can be seen if the market start trading below 42650 levels.
The market soaked all the gap up and on 15 minute chart, closed between both the moving averages.
Support :- 42650, 42500
Resistance :- 42750, 42980-43000
Option buyer can take bullish trade after the market crosses and sustain above 43k levels.
Tomorrow being an expiry, if the market consolidate in the first half, last half market can be trending.
Wait for the price action near the levels before entering the market.
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