Banknifty daily analysis for 19/01/23.

Banknifty has been taking a rejection from the 20 DMA and today it also took resistance from the level.

The market has taken support from the support level and formed a flag and pole pattern.

On the hourly charts, the market has closed between both the moving averages.

There is a bullish moving average crossover, on 15 minutes chart, and closed near the 20 ema.

Support :- 42370, 42120
Resistance :- 42540, 42700

There is a bearish divergence on RSI indicator. Watch for bearish trades, if the market start trading below the consolidation box.

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