Banknifty daily analysis for 03/07/23.
A bullish candle on the weekly time frame, show some positivity in the indian markets and the indices are forming new ATH.
Banknifty has given a nice movement and closed n around 44750 levels. It has been giving gap up and momentum after even the gap up.
On daily charts, market has crossed the 20 ema and given nice momentum of 1100+ points in previous week.
The market will follow the up move and can give another 1500-2000 points moves in coming days.
India VIX is still trading around 10 points. If the volatility increases then there are chance of a retest. Watch the VIX and let market create a new ATH as a benchmark.
Support :- 44650, 44500
Resistance :- 44800, 45000 (fib levels).
Extended fibonacci is taken for finding the resistance levels. Watch for the market to take a dip. Buy on dip is the current scenario of the market.
Wait for the price action near the levels before entering the market.
Banknifty has given a nice movement and closed n around 44750 levels. It has been giving gap up and momentum after even the gap up.
On daily charts, market has crossed the 20 ema and given nice momentum of 1100+ points in previous week.
The market will follow the up move and can give another 1500-2000 points moves in coming days.
India VIX is still trading around 10 points. If the volatility increases then there are chance of a retest. Watch the VIX and let market create a new ATH as a benchmark.
Support :- 44650, 44500
Resistance :- 44800, 45000 (fib levels).
Extended fibonacci is taken for finding the resistance levels. Watch for the market to take a dip. Buy on dip is the current scenario of the market.
Wait for the price action near the levels before entering the market.
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