Banknifty daily analysis for 17/01/23.
Banknifty for last 6 trading session in trading in 800 points range. The market is consolidating and a nice trend market can be on wednesday or thursday.
The market has been taking resistance from 42700 levels constantly and if the market breaks above the level, 42900 level can be achieved in intraday movement.
Today market has tested the 20 Dma and might test lower level.
On the hourly chart, the market took resistance from the level and 200 ema. The market has closed below both the moving averages.
US market is in positive for the time being. Look at the global markets in the morning. Indian index is in confusion state, let the market decide which way to go just watch for trading levels to hit.
Support :- 42110, 41950, 41800
Resistance :- 42220, 42430
There is bearish moving average cross over on smaller time frame, be cautious for a bullish trade and wait for the price action before entering the markets.
The market has been taking resistance from 42700 levels constantly and if the market breaks above the level, 42900 level can be achieved in intraday movement.
Today market has tested the 20 Dma and might test lower level.
On the hourly chart, the market took resistance from the level and 200 ema. The market has closed below both the moving averages.
US market is in positive for the time being. Look at the global markets in the morning. Indian index is in confusion state, let the market decide which way to go just watch for trading levels to hit.
Support :- 42110, 41950, 41800
Resistance :- 42220, 42430
There is bearish moving average cross over on smaller time frame, be cautious for a bullish trade and wait for the price action before entering the markets.
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