Banknifty has started trading below the previous swing low and closed below it. Volume are getting low on the weekly charts and it is near to the 20 EMA, there are chance of market testing the moving average.
On the daily charts, banknifty has formed a bearish candle and after retesting 50% levels it has started trading below the swing. There is a bearish trend in banknifty whereas nifty is still trading well above the previous swing.
Both the indices are in different direction and once nifty also starts a sell off, banknifty will fall faster.
On the hourly charts, there is a bearish moving averages cross over and market has closed below both the moving averages lossing 340 point on day close.
On 15 minute time frame, too market has closed below the moving averages. There was a constant rejection from the 20 ema and a good bear market from opening was there.
Support :- 44150, 44040-43960
Resistance :- 44310, 44400, 44560
The market is forming low lower low high formation and bullish trades should be avoided. Sell on rise is the market cycle and chance of big sell of can be seen as it has started trading below the previous swing low.
Wait for the price action near the levels before entering the market.
On the daily charts, banknifty has formed a bearish candle and after retesting 50% levels it has started trading below the swing. There is a bearish trend in banknifty whereas nifty is still trading well above the previous swing.
Both the indices are in different direction and once nifty also starts a sell off, banknifty will fall faster.
On the hourly charts, there is a bearish moving averages cross over and market has closed below both the moving averages lossing 340 point on day close.
On 15 minute time frame, too market has closed below the moving averages. There was a constant rejection from the 20 ema and a good bear market from opening was there.
Support :- 44150, 44040-43960
Resistance :- 44310, 44400, 44560
The market is forming low lower low high formation and bullish trades should be avoided. Sell on rise is the market cycle and chance of big sell of can be seen as it has started trading below the previous swing low.
Wait for the price action near the levels before entering the market.
