Banknifty daily analysis for 08/08/23.

Banknifty today was too volatile and closed almost flat to negative losing 42 points.

It has been trading below the 20 ema and today also it closed below the levels while nifty has closed above its 20 ema.

Both the indices were range bound and traded in opposite direction. Even after a gap up opening banknifty couldn't keep the gain.

On the hourly charts, dojis were formed and it tried to cross 45k levels but took rejection from the levels and closed around 44800 levels. Market traded around the 20 ema and has closed below both the movinga averages.

It remained in a 250 points range which is good as the breakout will be good after consolidation.

Support :-44800, 44625
Resistance :- 45000, 45100, 45500

Upper Long wick rejection can be in hourly charts and a constant rejection from 20 ema seems that market can test lows.

Scalp trades can be done in this market as intraday trades can fetch loses due to the volatility market is creating.

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