Banknifty daily analysis for 21/10/22
Banknifty on the daily time frame has formed a dragon fly doji. Market consolidated whole day and gave a break out in the last hour of the trading session.
There was sell off even after a gap down and traded whole day below the 20 ema on the hourly time frame. Though, in the last trading session market closed above the level.
On 15 minute time frame, the traded whole day between both the moving averages. Market took a nice support from the 39880 level.
Support :- 40020, 396880, 39830
Resistance :- 40220, 40410, 40510
The market has consolidated whole day and gave a break out during the last hour of the trading session. The market can remain in a up trend and this can be the retracment of the level.
Wait for the price action near the price levels before entering the price level.
There was sell off even after a gap down and traded whole day below the 20 ema on the hourly time frame. Though, in the last trading session market closed above the level.
On 15 minute time frame, the traded whole day between both the moving averages. Market took a nice support from the 39880 level.
Support :- 40020, 396880, 39830
Resistance :- 40220, 40410, 40510
The market has consolidated whole day and gave a break out during the last hour of the trading session. The market can remain in a up trend and this can be the retracment of the level.
Wait for the price action near the price levels before entering the price level.
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