Banknifty daily analysis for 10/01/23
Banknifty has given a nice move even after the gap up and touched the resistance zone making a high around 42700 level.
The market after the gap up remained in a 400 point range and took support from the levels closing 390 points above the previous closing.
On the hourly chart, the market has traded around the 20 ema and closed between both the moving averages.
In the second half, there was a slow movement both side. The market has formed a doji and either side move can be capture in the index once the resistance or support zone is cleared.
Support :- 42340, 41920
Resistance :- 42700, 42900
Wait for the price action near the price levels before entering the markets.
The market after the gap up remained in a 400 point range and took support from the levels closing 390 points above the previous closing.
On the hourly chart, the market has traded around the 20 ema and closed between both the moving averages.
In the second half, there was a slow movement both side. The market has formed a doji and either side move can be capture in the index once the resistance or support zone is cleared.
Support :- 42340, 41920
Resistance :- 42700, 42900
Wait for the price action near the price levels before entering the markets.
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