Banknifty daily analysis for 19/10/22

NSE:BANKNIFTY   Nifty Bank Index
Banknifty on the daily time frame has formed a doji. The market remained in a range and consolidated in a range after the gap up.

On the hourly time frame, the market has been forming a bullish moving averages cross over and took resistance from the trend line.

In the last hour of the trading session, the market took support from 20 ema (15 minute time frame) and closed above the 40300 levels.

Support :- 40220, 39950-40000
Resistance :- 40400, 40510, 40940

The indices are in a up trend. If global markets show positivity, another bullish move can be seen in the indices.

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


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