Banknifty daily analysis for 18/10/22
Banknifty on the daily time frame has given a nice bullish engulfing candle. It has gained around 600 points after a flat opening and remain in up trend the whole day.
Market has taken a nice support from the 20 ema.
There is a bullish moving averages cross over in the hourly time frame and banknifty has closed above the 39900 level.
For the last 3 weeks the market has traded in a range and this week can be a trending one.
The market in the second half of the trading session has traded in parallel channel and during the closing candle, on 15 minute time frame, has given a break out.
Support :- 38830, 38575, 39390
Resistance :- 40000(round number), 40280, 40530
Banknifty seems to be strong and giving nice up move on the day closing. If the global markets support the up trend, another nice bullish candle can be seen in the banknifty.
Wait for the price action near the levels before entering the market.
Market has taken a nice support from the 20 ema.
There is a bullish moving averages cross over in the hourly time frame and banknifty has closed above the 39900 level.
For the last 3 weeks the market has traded in a range and this week can be a trending one.
The market in the second half of the trading session has traded in parallel channel and during the closing candle, on 15 minute time frame, has given a break out.
Support :- 38830, 38575, 39390
Resistance :- 40000(round number), 40280, 40530
Banknifty seems to be strong and giving nice up move on the day closing. If the global markets support the up trend, another nice bullish candle can be seen in the banknifty.
Wait for the price action near the levels before entering the market.
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