Banknifty daily analysis for 12/12/22

Banknifty has finally traded near 44k level and has given another green candle on the weekly time frame.

On the hourly time frame, the market has formed a dragon fly doji and closed above 43600 level.

The market has tested the 20 ema, on hourly time frame, and gave a nice upmove.

The market after a gap up and came for selling and tested the support zone near 43400 level.

Support :-43500, 43335-43370
Resistance :- 43675, 43820

The market is forming new highs and is taking halt on the higher levels.

Banknifty has gained 1.2% on the weekly time frame and nifty has closed 1% lower.

Wait for the price action near the level before entering the level.


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