Banknifty daily analysis for 01/12/22.

NSE:BANKNIFTY   Nifty Bank Index
Banknifty on the daily time frame has formed a dragon fly doji and gave a nice movement during the closing hour of the session.

The index has been consolidating on the higher levels and can give a good moment either side as tomorrow is a weekly expiry.

On the hourly time frame, the market has formed a W-shape pattern and is respecting the 20 ema.

Market has given a U-shape recovery on the smaller time frame and closed above 43250 levels.

Support :- 43000, 42890, 42770
Resistance :- 43270

The market has formed a triple top pattern.

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


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.