Banknifty daily analysis for 06/12/22

Banknifty on the daily time frame has given a dragon fly doji and has given a close above 18300 level.

The index has formed a higher high lower high pattern and is taking near a resistance zone.

After a initial sell off the market has regained some points and gained 200 points.

The market on 15 minute time frame, has crossed 20 ema and took resistance from the 43370-43400 zone.

Support :- 43280, 43160, 43000
Resistance :- 43370-400, 43520

Banknifty has been trading in a zone and has finally given a close above 43300 levels.

The index on the smaller time frame has shown some nice bullish trend formation.

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