Banknifty daily analysis for 27/06/23.
Banknifty on the daily time frame has formed an inside candle and is still trading below 20 EMA.
Market is consolidating and has traded all time in a range of 200 points. Consolidation and a good break out/down is possible.
Either side momentum can be seen. In the bear trade if market start trading below 43400 levels good momentum can seen.
On the hourly charts, it took rejection from the 20 EMA and bearish moving average cross over gives confidence in the trade.
Support :- 43550, 43400, 43120
Resistance :- 43760-800, 44050
Wait for the price action near the levels before entering the market.
Market is consolidating and has traded all time in a range of 200 points. Consolidation and a good break out/down is possible.
Either side momentum can be seen. In the bear trade if market start trading below 43400 levels good momentum can seen.
On the hourly charts, it took rejection from the 20 EMA and bearish moving average cross over gives confidence in the trade.
Support :- 43550, 43400, 43120
Resistance :- 43760-800, 44050
Wait for the price action near the levels before entering the market.
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