Banknifty daily analysis for 21/11/22

Banknifty on the weekly time frame has given only 300 points move and on the daily time frame the market has consolidated for 3 days.

The market has formed a dragon fly doji and took rejection from 42600 levels many times.

Banknifty is taking a halt on the higher levels and a trending market can be seen once market start closing above 42600 levels.

On the hourly time frame, the market has again given a bullish closing but the markets are consolidating.

Market has closed above both the EMA's even on the smaller time frame.

Support :- 42400, 42230, 42100
Resistance :- 42600

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