Banknifty weekly analysis for 10/10/22
Banknifty on the weekly time frame has been taking support from its 20 ema and has formed another doji.
On the daily time frame, the market has closed below 20 DMA.
There is a dragon fly doji but the global markets are negative and Indian indices will follow the global markets.
The index has taken resistance from its hourly 200 ema and closed between both the moving averages.
Moving averages on the 15 minute time frame are close enough and market has closed above both the moving averages.
If Nifty opens 200 points gap down, banknifty will open around 400 points lower.
Support :- 39130, 38960, 38780
Resistance :- 39390, 39510
The markets are jittery and gap ups/downs are stealing intraday opportunities. I would suggest to avoid index trades.
Wait for the price action near the levels before entering the markets.
On the daily time frame, the market has closed below 20 DMA.
There is a dragon fly doji but the global markets are negative and Indian indices will follow the global markets.
The index has taken resistance from its hourly 200 ema and closed between both the moving averages.
Moving averages on the 15 minute time frame are close enough and market has closed above both the moving averages.
If Nifty opens 200 points gap down, banknifty will open around 400 points lower.
Support :- 39130, 38960, 38780
Resistance :- 39390, 39510
The markets are jittery and gap ups/downs are stealing intraday opportunities. I would suggest to avoid index trades.
Wait for the price action near the levels before entering the markets.
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