Banknifty weekly & intraday levels for 08/01/24.

7 янв.

Inside candle is formed on the weekly charts and Banknifty has closed only 130 points lower.

There is a doji week and daily candle.

47400 is a major support level on the daily close. If market starts closing below it there will be a M pattern formtaion and selling can happen.

Currently, it has closed around 61.8% daily fib. Reversal or bearish trades for intraday can be initiated as per the price action around the level.

Major bearish targets. :- 47810, 47560

Trailing SL should be taken in a bearish trades for holding as there can be chance of it being a winning trade.

Resistance :- 48380-400, 48620

47810-48400 is a no trading zone for tomorrow, if the market takes a halt between the levels there will be a time decay in the option.

Short OTM strangle can be created while rolling up or down the leg.

Wait for the price action near the levels before entering the market.

8 янв.

Комментарий

It has tested 47400 levels again and is taking a good support from the levels.

Closing below the 20 days ema is showing some negativity.

Break down after a slight gap up or flat opening can give a selling opportunity for capturing 250 point on the spot chart.

Major support levels :- 47400, 47120

Resistance :- 47800, 48080

RSI is also showing a divergence on the higher time frame. Wait for the market to give a break down of 47400 levels.