Banknifty daily analysis for 06/12/22
Banknifty on the daily time frame has given a dragon fly doji and has given a close above 18300 level.
The index has formed a higher high lower high pattern and is taking near a resistance zone.
After a initial sell off the market has regained some points and gained 200 points.
The market on 15 minute time frame, has crossed 20 ema and took resistance from the 43370-43400 zone.
Support :- 43280, 43160, 43000
Resistance :- 43370-400, 43520
Banknifty has been trading in a zone and has finally given a close above 43300 levels.
The index on the smaller time frame has shown some nice bullish trend formation.
Wait for the price action near the levels before entering the markets.
The index has formed a higher high lower high pattern and is taking near a resistance zone.
After a initial sell off the market has regained some points and gained 200 points.
The market on 15 minute time frame, has crossed 20 ema and took resistance from the 43370-43400 zone.
Support :- 43280, 43160, 43000
Resistance :- 43370-400, 43520
Banknifty has been trading in a zone and has finally given a close above 43300 levels.
The index on the smaller time frame has shown some nice bullish trend formation.
Wait for the price action near the levels before entering the markets.
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