Banknifty daily analysis for 24/01/23.
Banknifty has given a close below it opening level forming a doji on day chart.
The market couldn't cross above the 43k levels but is forming a higher high higher low formation showing some positive trend.
There is a bullish moving averages cross over, on the hourly charts.
The market closed gaining 300 points and crossing the 42700 levels. It is taking support from 50% fib level, let market cross today's high enter a bullish trade as nice targets can be achieved.
On 15 minute chart,the market tested the 20 ema and finally showed some weakness closing between both the moving averages.
Support :- 42700, 42500
Resistance :- 42950-43000, 43175, 43540
Banknifty is showing some positivity and bullish trades can be initiated once the market start trading above the 43k levels.
Wait for the price action near the levels before entering the market.
The market couldn't cross above the 43k levels but is forming a higher high higher low formation showing some positive trend.
There is a bullish moving averages cross over, on the hourly charts.
The market closed gaining 300 points and crossing the 42700 levels. It is taking support from 50% fib level, let market cross today's high enter a bullish trade as nice targets can be achieved.
On 15 minute chart,the market tested the 20 ema and finally showed some weakness closing between both the moving averages.
Support :- 42700, 42500
Resistance :- 42950-43000, 43175, 43540
Banknifty is showing some positivity and bullish trades can be initiated once the market start trading above the 43k levels.
Wait for the price action near the levels before entering the market.
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