Banknifty daily analysis for 12/10/22
Banknifty seemed to hold the levels and remain strong as compare to the other index (Nifty).
The market has formed an inside candle and closed nearly 1% lower.
Banknifty consolidated in a box and in the last hour of the trading session banknifty broke down the levels and closed below it.
The market has taken resistance from its 200 ema on the hourly chart and has clearly respected it.
On the 15 minute time frame, the market has close near the low of the previous day and took support from 38640 levels.
Support :- 38640, 38530, 38290
Resistance:- 38770, 38870, 38960
The market are showing negative sign. Wait for the previous day high or low to break to take a trade.
Wait for the price action near the levels before entering a trade. Let the markets decide the trend for swing and positional trades.
The market has formed an inside candle and closed nearly 1% lower.
Banknifty consolidated in a box and in the last hour of the trading session banknifty broke down the levels and closed below it.
The market has taken resistance from its 200 ema on the hourly chart and has clearly respected it.
On the 15 minute time frame, the market has close near the low of the previous day and took support from 38640 levels.
Support :- 38640, 38530, 38290
Resistance:- 38770, 38870, 38960
The market are showing negative sign. Wait for the previous day high or low to break to take a trade.
Wait for the price action near the levels before entering a trade. Let the markets decide the trend for swing and positional trades.
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