Banknifty daily analysis for 09/02/23.Banknifty for last 3 trading session has been holding the upper levels and forming doji on the daily time frame. There is a double resistance i.e. 20 ema and the resistance zone.
Tomorrow expiry can be trending and if the market crosses and closes above 42k levels new high can be seen soon.
On the hourly time frame, market has given a good consolidation and traded between both the moving averages.
The market tried to crosses the recent high but couldn't sustain the levels and dropped back to the lower levels.
On the 15 minutes chart, the market traded around the 20 ema.
Support :- 41450, 41280-320
Resistance :- 31680, 42000
The market has been trading in narrow range. The break out or break down of the zone can give good movement and targets.
Wait for the price action near the levels before entering the markets.
