Banknifty remained in a volatile mode and traded in a range on just 250 points.
It has been constantly facing resistance from the 20 ema and today also it tested the level.
The market has formed an inside candle and closed 130 points lower.
Banknifty is trading in a parallel channel and consolidating beautifully in the zone.
On the hourly charts, the market remained in a box consolidation. The market is still volatile and no trade should be initiated until the trend is certain.
On 15 minute chart, the market constantly took resistance from 20 ema and finally closed below both the moving averages.
Support :- 42260, 42100
Resistance :- 42380, 42500-520
The two days sideways market during the second half is giving signal of a trending market in the coming days.
Wait for the price action near the levels before entering the markiet.
It has been constantly facing resistance from the 20 ema and today also it tested the level.
The market has formed an inside candle and closed 130 points lower.
Banknifty is trading in a parallel channel and consolidating beautifully in the zone.
On the hourly charts, the market remained in a box consolidation. The market is still volatile and no trade should be initiated until the trend is certain.
On 15 minute chart, the market constantly took resistance from 20 ema and finally closed below both the moving averages.
Support :- 42260, 42100
Resistance :- 42380, 42500-520
The two days sideways market during the second half is giving signal of a trending market in the coming days.
Wait for the price action near the levels before entering the markiet.
