Banknifty daily analysis for 25/07/23.
Banknifty has been trading in a parallel channel and today in the second half of the session has consolidated forming a red candle.
On the hourly charts, it traded around the 20 ema and closed near to the levels. The market has been consolidating and forming a falling wedge pattern. Break out can good trade points in coming days.
Market traded below the previous day low but didn't travelled to test the lows and took support from the trend line.
On 15 minutes charts, market has closed below the 20 ema and has taken constant rejection from the levels.
Support :- 45850, 45650
Resistance :- 46080, 46260
Wait for the price action near the levels before entering the market.
On the hourly charts, it traded around the 20 ema and closed near to the levels. The market has been consolidating and forming a falling wedge pattern. Break out can good trade points in coming days.
Market traded below the previous day low but didn't travelled to test the lows and took support from the trend line.
On 15 minutes charts, market has closed below the 20 ema and has taken constant rejection from the levels.
Support :- 45850, 45650
Resistance :- 46080, 46260
Wait for the price action near the levels before entering the market.
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