Banknifty view for 08/06/22
Bank nifty after a gap down travelled even below and retraced back to the level of 35000 in the second half.
Market has closed below its 20 DMA and on and hourly time frame the moving averages are close.
Market seems to be in a bear trend on a smaller time frame.
Support:- 35850, 35780
Resistance:- 35000, 35200
Market can remain in red for tomorrow as there is RBI policy.
Wait for the price action near the levels before entering the markets.
Market has closed below its 20 DMA and on and hourly time frame the moving averages are close.
Market seems to be in a bear trend on a smaller time frame.
Support:- 35850, 35780
Resistance:- 35000, 35200
Market can remain in red for tomorrow as there is RBI policy.
Wait for the price action near the levels before entering the markets.
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