Banknifty daily analysis for 29/12/22
Banknifty has given a nice move and it taking a halt near the 43k level and 20 DMA.
It has formed a gravestone doji after taking a resistance from the levels.
Banknifty has given a nice up move but is taken a rejection near 61.8% fibonnaci level.
On the hourly time frame, the market has taken a good support from the 200 ema and closed near the level. Though, price is trading above both the moving averages but market is unpredictable.
Even on the smaller time frame, bank nifty has respected the 200 ema and has taken support from the level.
Support :- 42730, 42590, 42450
Resistance :- 42900 (daily 20 ema), 43100
If the index start trading above the moving averages, the market can give nice up move in the second half.
Watch for trending market as the market has traded in a narrow range today.
Wait for the price action near the price levels before entering the market.
It has formed a gravestone doji after taking a resistance from the levels.
Banknifty has given a nice up move but is taken a rejection near 61.8% fibonnaci level.
On the hourly time frame, the market has taken a good support from the 200 ema and closed near the level. Though, price is trading above both the moving averages but market is unpredictable.
Even on the smaller time frame, bank nifty has respected the 200 ema and has taken support from the level.
Support :- 42730, 42590, 42450
Resistance :- 42900 (daily 20 ema), 43100
If the index start trading above the moving averages, the market can give nice up move in the second half.
Watch for trending market as the market has traded in a narrow range today.
Wait for the price action near the price levels before entering the market.
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