Banknifty weekly analysis for 08/05/23.
Indian markets has been trading in green since last 2 months. The financial sector has outperformed as the Nifty finance is trading above 19k and Banknifty around 43k levels.
Market has outstretched, finally some profit booking is coming. Banknifty has given a bearish candle on the weekly time frame as well as on the daily charts.
Banknifty can retest the 42300-450 zone and the 20 Ema (daily).
A swing bearish entry was initiated on the MA strategy. The market has given a nice profit in the last hour of the market session.
The shorts should be held for another 100-200 points target with a logical trailing Stop Loss.
The major support zone for the markets is 41700-800 as there is a confluence of 38.2% fibonacci levels.
Levels for next week
Support :- 42400, 41700-800
Resistance :- 43000, 43400
Bullish swing trades can only be initiated once the market start trading above 43600.
Wait for the price action near the levels before entering the market.
Cut your losers, hold your winners.
Market has outstretched, finally some profit booking is coming. Banknifty has given a bearish candle on the weekly time frame as well as on the daily charts.
Banknifty can retest the 42300-450 zone and the 20 Ema (daily).
A swing bearish entry was initiated on the MA strategy. The market has given a nice profit in the last hour of the market session.
The shorts should be held for another 100-200 points target with a logical trailing Stop Loss.
The major support zone for the markets is 41700-800 as there is a confluence of 38.2% fibonacci levels.
Levels for next week
Support :- 42400, 41700-800
Resistance :- 43000, 43400
Bullish swing trades can only be initiated once the market start trading above 43600.
Wait for the price action near the levels before entering the market.
Cut your losers, hold your winners.
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