Banknifty daily analysis for 17/03/23.
Banknifty has given a doji on the daily time frame and closed above 39000 levels.
It has been taking resistance, on hourly charts, from the 20 ema and closed just below the levels.
Today, the index has consolidated in a parallel channel and formed a flag and pole pattern. If there is a break down of the pattern, nice fall can be seen in coming days and good targets can be achieved.
Market has closed above the 20 ema, on 15 minutes chart, that shows some positivity but for short term only. The market trend is negative and fall can continue after a retracement.
Support :- 38550, 38000
Resistance :- 39530, 39780
Wait for the market to beark out/down of the pattern and watch the price action near the levels before entering the markets.
It has been taking resistance, on hourly charts, from the 20 ema and closed just below the levels.
Today, the index has consolidated in a parallel channel and formed a flag and pole pattern. If there is a break down of the pattern, nice fall can be seen in coming days and good targets can be achieved.
Market has closed above the 20 ema, on 15 minutes chart, that shows some positivity but for short term only. The market trend is negative and fall can continue after a retracement.
Support :- 38550, 38000
Resistance :- 39530, 39780
Wait for the market to beark out/down of the pattern and watch the price action near the levels before entering the markets.
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