Banknifty on the weekly expiry has given nice up move and formed a bullish engulfing candle. It almost touched 46k levels and has closed above 45900 levels.
Nifty has formed an All time high and banknifty is looking forward to hits it's new ATH.
The market formed a base around 45300 and gained up side momentum giving a 600+ point move from the day low.
On the hourly charts, market took support from the 20 ema and moved in the upward direction. It took a halt in the last hour of the session.
Banknifty is still looking bullish but the market has stretched way too much. If it hit trades around the ATH there will be more chances of profit booking or retracement.
On 15 minute charts, it breached the 20 ema and came back strongly crushing and moving higher than the moving averages and hitting our targets.
Support :- 45630, 45330
Resistance :- 46070, 46300
Wait for the price action near the levels before entering the market.
Nifty has formed an All time high and banknifty is looking forward to hits it's new ATH.
The market formed a base around 45300 and gained up side momentum giving a 600+ point move from the day low.
On the hourly charts, market took support from the 20 ema and moved in the upward direction. It took a halt in the last hour of the session.
Banknifty is still looking bullish but the market has stretched way too much. If it hit trades around the ATH there will be more chances of profit booking or retracement.
On 15 minute charts, it breached the 20 ema and came back strongly crushing and moving higher than the moving averages and hitting our targets.
Support :- 45630, 45330
Resistance :- 46070, 46300
Wait for the price action near the levels before entering the market.
