Banknifty daily view for 02/09/22

Banknifty after a gap down tried to cross the previous day high but couldn’t sustain the levels and closed above 20 ema.

After the initial hour up move the market slowly retested its hourly 20 ema. On the hourly candle an inside candle is formed.

On 15 minute analysis, it closed just around the 20 ema and trading above the 200 ema.

Support:- 39140, 38900, 38760
Resistance:- 39380, 39380, 38650

Markets are volatile and overnight position should be avoided.

Wait for the price action near the levels before entering the market.