Banknifty analysis for weekly expiry 22/06/23.
Banknifty has been trading in a single candle for 4 days. It has closed near the Daily 20EMA.
Market has been respecting a trend line and it taking serious rejection from the line. Its break out can give recent high 44500 as target.
A kind of cup and handle is also being formed, on the hourly charts, and bullish moving averages cross over is also there.
On 15 minutes time frame, there is also bullish moving average cross over, and market has closed above both moving averages.
Support :- 43700, 43400
Resistance :- 43910, 44050
Wait for the price action near the levels before entering the market.
If Nifty breaks the ATH, there are chances of Banknifty travelling to its recent high and even form a new ATH.
Market has been respecting a trend line and it taking serious rejection from the line. Its break out can give recent high 44500 as target.
A kind of cup and handle is also being formed, on the hourly charts, and bullish moving averages cross over is also there.
On 15 minutes time frame, there is also bullish moving average cross over, and market has closed above both moving averages.
Support :- 43700, 43400
Resistance :- 43910, 44050
Wait for the price action near the levels before entering the market.
If Nifty breaks the ATH, there are chances of Banknifty travelling to its recent high and even form a new ATH.
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