Banknifty for the two consecutive days has fallen more than 2% and losing around 2000 points in just 2 trading sessions.
The market remain in the red whole day. Even after the gap down of more than 500 points the banknifty closed 900 points lower.
On the daily time frame, the market had tested its 2.618 Fibonnaci level. The market has also breached the level of 39k
There is a bearish moving average cross over on the hourly time frame.
Banknifty was unable to cross and sustain above its 20 ema on 15 minute time frame, it tested its level twice but was rejected.
Its taking support around 38500 level. The market had fallen quite alot and need to consolidate.
Support :- 38500-30, 38350, 38100
Resistance:- 38700, 39000-50, 39230
Wait for the price action near the levels before entering the markets.
The market remain in the red whole day. Even after the gap down of more than 500 points the banknifty closed 900 points lower.
On the daily time frame, the market had tested its 2.618 Fibonnaci level. The market has also breached the level of 39k
There is a bearish moving average cross over on the hourly time frame.
Banknifty was unable to cross and sustain above its 20 ema on 15 minute time frame, it tested its level twice but was rejected.
Its taking support around 38500 level. The market had fallen quite alot and need to consolidate.
Support :- 38500-30, 38350, 38100
Resistance:- 38700, 39000-50, 39230
Wait for the price action near the levels before entering the markets.
