Banknifty daily analysis for 28/12/22
Banknifty on the daily time frame has given a dragon fly doji and still showing some confusion. It has closed near the 20 ema but above the 0.618 fib level.
The indice is forming a cup and handle formation, on the hourly time frame, giving close above both the moving averages.
The market has given a W-pattern but has closed near the resistance level.
Support :- 42450, 42230
Resistance :- 42880-900, 43100
The market took a heavy sell off in the morning after touching 42900 levels and closed near the same levels.
Wait for the price action near the price level before entering the markets.
The indice is forming a cup and handle formation, on the hourly time frame, giving close above both the moving averages.
The market has given a W-pattern but has closed near the resistance level.
Support :- 42450, 42230
Resistance :- 42880-900, 43100
The market took a heavy sell off in the morning after touching 42900 levels and closed near the same levels.
Wait for the price action near the price level before entering the markets.
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