Banknifty daily analysis for 27/01/23.
There was a trending market in the last session giving nice profits in the sell side and banknifty lost more than 1000 points in a single day closing around 41650 levels.
The market has closed below its 20 ema filling all the gap created in the recent time.
A bearish moving average cross over is there on hourly charts and the RSI indicator is showing oversold levels.
The market is taking support from 41600 levels and there can be a retest before another fall to confirm a bear trend.
In the first half the market remain in a selling territory and consolidated in the second half which is good for intraday traders. If the market shows some weakness, the market can be shorted for 200-300 points.
On 15 minute charts, the first candle closed below both the moving average creating a short entry.
Support :- 41580, 41360
Resistance :- 41920, 42260
Wait for the price action near the levels before entering the market.
The market has closed below its 20 ema filling all the gap created in the recent time.
A bearish moving average cross over is there on hourly charts and the RSI indicator is showing oversold levels.
The market is taking support from 41600 levels and there can be a retest before another fall to confirm a bear trend.
In the first half the market remain in a selling territory and consolidated in the second half which is good for intraday traders. If the market shows some weakness, the market can be shorted for 200-300 points.
On 15 minute charts, the first candle closed below both the moving average creating a short entry.
Support :- 41580, 41360
Resistance :- 41920, 42260
Wait for the price action near the levels before entering the market.
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