Banknifty weekly analysis for 24/06/24.
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Banknifty on the weekly charts has given a good bullish candle and created a new life time high. It is holding the higher levels and on the monthly candle it has already given a 5% move.
Nifty is taking a halt while banknifty is trading on the higher levels.
The index has been trading around the same levels for the last 2 trading sessions. In case of a break down, it can test the lower levels around 50k.
While the market has travelled to higher levels, there must be a retracement before another bullish leg.
Support levels :- 51200, 50730, 50200
Resistance levels :- 51860, 51930-50
Bullish trades are risky as the market is trading in an uncharts zone and can reverse from any level (even the ATH is around 52k level).
Wait for the price action near the levels before entering the market.
Nifty is taking a halt while banknifty is trading on the higher levels.
The index has been trading around the same levels for the last 2 trading sessions. In case of a break down, it can test the lower levels around 50k.
While the market has travelled to higher levels, there must be a retracement before another bullish leg.
Support levels :- 51200, 50730, 50200
Resistance levels :- 51860, 51930-50
Bullish trades are risky as the market is trading in an uncharts zone and can reverse from any level (even the ATH is around 52k level).
Wait for the price action near the levels before entering the market.
Nota
Analysis for 01/07/2024.Banknifty on the monthly charts has given a nice bullish candle. From the low of 46100 it has travelled to create a new ATH of around 53000.
Though on the daily charts there is a evening star formation while the weekly and monthly charts look bullish.
The markets have stretched alot and there can be a possibility of a retracement or profit booking in the markets.
Major levels for the intraday trading.
Support levels :- 52060, 51800
Resistance levels :- 52400,52600
In case of a gap down opening, there are chance of market travelling to test the lower levels and a trade can be initaited after it crosses the day low.
Now the next expiry of July month has started. Position/swing trades for the target of 51200 can be initiated, once the market starts trading below the previous day low.
Wait for the price action near the levels before entering the market.
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