Banknifty weekly expiry analysis for 16/04/24.
The market has reacted to the war situation and has given a fall of around 800 points.
Banknifty has taken support from the 20 ema on the daily charts and the support zone around 47740 level.
Even on the hourly charts, the market is trading between both the moving averages and chances of taking support around 200 ema is there.
Tomorrow is weekly expiry and there is chance of a trending expiry move in the market as last few expiry were side ways.
Major support level :- 47750, 47400.
The market is looking bearish and the closing is below 38.2% fib levels. 50% fib level can be tested and a support around the level can be seen.
If there is a gap down opening, a recovery can be seen as many will be booking profits. Flat opening and a break down in the second half can keep the market trending.
Wait for the price action near the levels before entering the market.
Banknifty has taken support from the 20 ema on the daily charts and the support zone around 47740 level.
Even on the hourly charts, the market is trading between both the moving averages and chances of taking support around 200 ema is there.
Tomorrow is weekly expiry and there is chance of a trending expiry move in the market as last few expiry were side ways.
Major support level :- 47750, 47400.
The market is looking bearish and the closing is below 38.2% fib levels. 50% fib level can be tested and a support around the level can be seen.
If there is a gap down opening, a recovery can be seen as many will be booking profits. Flat opening and a break down in the second half can keep the market trending.
Wait for the price action near the levels before entering the market.
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