Banknifty daily analysis for 05/12/22
Banknifty on week to week basis has closed only 120 points higher and is taking upper wick rejection.
The market has been trading in a narrow range and trending market is expected once the market start closing above 43300 or below 42800 levels.
Consolidation is there on the higher levels and both the indices have formed new ATH's.
On the daily time frame, the market opened gap down and consolidated in a 200 points range whole day.
Banknifty has closed below 20 ema on hourly time frame and took resistance from the level.
on 15 minute time frame, the market has taken support from 200 ema and recover till the opening price. Index closed only 150 points lower.
Support :- 42960, 42890, 42770
Resistance :- 43120, 43270
The market is trading in narrow range and forming small range of support and resistances.
Markets still look in bullish trend and this is a retest.
Wait for the price action near the levels before entering the markets.
The market has been trading in a narrow range and trending market is expected once the market start closing above 43300 or below 42800 levels.
Consolidation is there on the higher levels and both the indices have formed new ATH's.
On the daily time frame, the market opened gap down and consolidated in a 200 points range whole day.
Banknifty has closed below 20 ema on hourly time frame and took resistance from the level.
on 15 minute time frame, the market has taken support from 200 ema and recover till the opening price. Index closed only 150 points lower.
Support :- 42960, 42890, 42770
Resistance :- 43120, 43270
The market is trading in narrow range and forming small range of support and resistances.
Markets still look in bullish trend and this is a retest.
Wait for the price action near the levels before entering the markets.
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