Banknifty daily analysis for 27/07/23 (monthly expiry).
Banknifty has finally traded and even closed above the 46k levels. After a gap up opening, it fill the gap and in the second half crossed the 46k levels.
It has closed near the resistance zone of 46100 levels. Banknifty consolidated and gave a break out above 45950 levels.
On the hourly charts, it has closed above the 20 ema and it respected the levels after a gap up opening.
Tomorrow is monthly expiry and there can a trending market.
On 15 minutes charts, the market totally respected the 20 ema and took support from the level, finally closing above it.
Support :- 45980, 45830
Resistance :- 46080, 46250
Banknifty has retest the 38.2% levels and today has traded in a parallel channel. The breakout/breakdown can give nice target on the monthly expiry as there has been consolidation.
Wait for the price action near the levels before entering the market.
It has closed near the resistance zone of 46100 levels. Banknifty consolidated and gave a break out above 45950 levels.
On the hourly charts, it has closed above the 20 ema and it respected the levels after a gap up opening.
Tomorrow is monthly expiry and there can a trending market.
On 15 minutes charts, the market totally respected the 20 ema and took support from the level, finally closing above it.
Support :- 45980, 45830
Resistance :- 46080, 46250
Banknifty has retest the 38.2% levels and today has traded in a parallel channel. The breakout/breakdown can give nice target on the monthly expiry as there has been consolidation.
Wait for the price action near the levels before entering the market.
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