Banknifty daily analysis for 18/01/23.
Banknifty again tested the 42k levels and regained some points, giving a close around 42200 level.
The market opened some points higher and took support from the hourly 20 ema. In the second half the support and moving average was broken and market tested the support level of 41950.
Index has formed a doji and closed almost flat, just wiping off option premium.
On 15 minutes chart, the market took resistance from 200 ema and it closed near the same level.
Support :- 42100, 41900
Resistance :- 42430, 42700
Banknifty has closed in a confusion state. Bullish trades can be carried once the market crosses today's high. In case, the market remain bullish and close above 42700 levels, a morning star pattern will be formed and swing trades can be carried.
Wait for the price action near the price levels before entering the market.
The market opened some points higher and took support from the hourly 20 ema. In the second half the support and moving average was broken and market tested the support level of 41950.
Index has formed a doji and closed almost flat, just wiping off option premium.
On 15 minutes chart, the market took resistance from 200 ema and it closed near the same level.
Support :- 42100, 41900
Resistance :- 42430, 42700
Banknifty has closed in a confusion state. Bullish trades can be carried once the market crosses today's high. In case, the market remain bullish and close above 42700 levels, a morning star pattern will be formed and swing trades can be carried.
Wait for the price action near the price levels before entering the market.
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