Banknifty view for 19/05/22.
Bank nifty after a nice gap up closed in red losing around 100 points.
It has been taking resistance from 34600 and again retraced after hitting the levels.
On hourly analysis, the market seems to rest near its 50% fib level.
The moving averages on a 15 minute time frame has converged and the market has closed below 20 and 200 ema.
Support :- 34150, 33765
Resistance :- 34377, 34500, 34757
Wait for the price action near the levels before entering the markets.
It has been taking resistance from 34600 and again retraced after hitting the levels.
On hourly analysis, the market seems to rest near its 50% fib level.
The moving averages on a 15 minute time frame has converged and the market has closed below 20 and 200 ema.
Support :- 34150, 33765
Resistance :- 34377, 34500, 34757
Wait for the price action near the levels before entering the markets.
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