Banknifty daily analysis for 28/11/22

NSE:BANKNIFTY   Nifty Bank Index
Banknifty on the weekly time frame has given a nice bullish candle but after testing the 43k level couldn't sustain it.

On the daily time frame, the market has formed a doji candle on the higher levels.

Banknifty on the hourly time frame, has formed a bearish flag pattern. The market remained for selling after a gap up and took support from the 20 ema and closed above the level.

On 15 minute time frame, the market has closed below the 20 ema and traded whole day near the level.

Support :- 42300, 42880, 42770
Resistance :- 43040, 43220

The market came for selling on the daily time frame and market can test the lower levels before giving another bullish leg.

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


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