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Banknifty daily analysis for 08/12/22

NSE:BANKNIFTY   NIFTY Bank Index
Banknifty for last 3-4 days has consolidated in a narrow range. Today also the market formed a doji and can give a nice trending market tomorrow.

The market, on hourly time frame, there was a nice selling as there was a going Monetary policy.

Market came below the 20 ema and took resistance from the level.

On 15 minute time frame, the market came below 200 ema and regained above and sustained whole day above the moving average.

Support :- 43000, 42890
Resistance :- 43155, 43280

There can be a nice trending market as tomorrow is weekly expiry and gujrat election result will be declared.

Wait for the price action near the price level before entering the market.

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