Banknifty daily analysis for 20/10/22

NSE:BANKNIFTY   Nifty Bank Index
Banknifty on the daily time frame has formed another doji. Market after a gap up has closed almost flat and took support near previous day low.

In the initial hour of session, there was a sell off and it consolidated in the second half of the trading session.

The market remained volatile and took resistance from 40500 levels.

On 15 minute time frame, the market traded just around its 20 ema and closed near to the 20 ema.

Support :- 40220, 39960, 39830
Resistanca :- 40410, 40510, 40620

Banknifty has stretched more than 1000 points in just 3 trading session. A trending market can be seen tomorrow as market has consolidated whole day and tomorrow is a weekly expiry.

Wait for a price action near the levels before entering the markets.


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