Banknifty daily analysis for 19/10/23.
After many weekly expiry this expiry was the one which was in favour of the option buyers.
Banknifty has closed 520 points lower moving the market more then 1% down. It was struggling to sustain above 20 ema and today being the weekly expiry it gave a nice move in the first half and consolidated in the second.
On the hourly charts, the market took resistance from 20 ema and came for selling, giving 422 points in single candle.
The market has consolidated after a fall in the second half which shows that the market has halted. If the market fall below 43800 levels, it can test 42800 levels soon.
On 15 minute chart, it has formed a bearish moving averages cross over and has closed below both the moving averages.
Support :- 43870, 43680
Resistance :- 43980, 44210
Wait for the price action near the level before entering the market.
Banknifty has closed 520 points lower moving the market more then 1% down. It was struggling to sustain above 20 ema and today being the weekly expiry it gave a nice move in the first half and consolidated in the second.
On the hourly charts, the market took resistance from 20 ema and came for selling, giving 422 points in single candle.
The market has consolidated after a fall in the second half which shows that the market has halted. If the market fall below 43800 levels, it can test 42800 levels soon.
On 15 minute chart, it has formed a bearish moving averages cross over and has closed below both the moving averages.
Support :- 43870, 43680
Resistance :- 43980, 44210
Wait for the price action near the level before entering the market.
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