FinNIfty weekly expiry analysis for 20/08/2024.
FinNifty is constantly testing the 20 ema and today also, it opened above the moving average but couldn't sustain the levels and closed below it.
It has been trading in a range and is around the upper levels of the range. If there is a gap up opening around 23000 levels, there are chance of market reacting to the round number levels. And bullish entry can only be tested once the market makes a reversal after a profit booking on the levels.
In case of a gap down opening below today's low, a bearish trade can be entered with target around the support zone of 22800.
The market on the smaller time frame is forming a flag and pole pattern. It seems a bullish pattern and its break out can be traded.
Major support levels :- 22825, 22655
Resistance levels :=- 23070, 23150
In any case break out of 23150 level can lead to a gap filling trade upto 23300 levels.
Tomorrow is the weekly expiry and a break out after 2 O'clock can sustain.
Wait for the price action near the levels before entering the markets.
It has been trading in a range and is around the upper levels of the range. If there is a gap up opening around 23000 levels, there are chance of market reacting to the round number levels. And bullish entry can only be tested once the market makes a reversal after a profit booking on the levels.
In case of a gap down opening below today's low, a bearish trade can be entered with target around the support zone of 22800.
The market on the smaller time frame is forming a flag and pole pattern. It seems a bullish pattern and its break out can be traded.
Major support levels :- 22825, 22655
Resistance levels :=- 23070, 23150
In any case break out of 23150 level can lead to a gap filling trade upto 23300 levels.
Tomorrow is the weekly expiry and a break out after 2 O'clock can sustain.
Wait for the price action near the levels before entering the markets.
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