Banknifty daily analysis for 23/08/23.
Market are still not in a trending phase and it consolidating in a narrow range.
Banknifty after a gap up opening tried to trade above 44100 levels but couldn't sustain above the levels and came for selling in the second half of the session after consolidating in the first half.
On the hourly charts, market has closed around 20 ema and is trading around 44k levels. Banknifty has closed below both the moving averages and the sell off is also showing some negative sentiments.
Market has been facing a good resistance from 44100 levels as it was unable to close above the levels and closed almost flat on daily time frame.
On 15 minutes time frame, it has closed below both the moving averages and has taken support around 43950 levels .
Support :- 43930, 43740
Resistance :- 44090, 44320
A good consolidation is going on in the market and a good trending market will be there once buyer sellers fight is over. Watch for good targets with trailing stop loss.
Wait for the price action near the levels before entering the market.
Banknifty after a gap up opening tried to trade above 44100 levels but couldn't sustain above the levels and came for selling in the second half of the session after consolidating in the first half.
On the hourly charts, market has closed around 20 ema and is trading around 44k levels. Banknifty has closed below both the moving averages and the sell off is also showing some negative sentiments.
Market has been facing a good resistance from 44100 levels as it was unable to close above the levels and closed almost flat on daily time frame.
On 15 minutes time frame, it has closed below both the moving averages and has taken support around 43950 levels .
Support :- 43930, 43740
Resistance :- 44090, 44320
A good consolidation is going on in the market and a good trending market will be there once buyer sellers fight is over. Watch for good targets with trailing stop loss.
Wait for the price action near the levels before entering the market.
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