Banknifty on a 15 minute time frame, had given a break out above the parallel channel in the last 15 minutes of closing.
Market has closed above the parallel channel consolidation, the 20ema and below the resistance level of 35420-50.
On chart analysis banknifty is somewhat strong. It can be bullish above the level of 35635 and the 200 ema.
RSI indicator shows a positive divergence on hourly time frame.
Wait for the chart pattern to form near the trend line/ zones.
Market has closed above the parallel channel consolidation, the 20ema and below the resistance level of 35420-50.
On chart analysis banknifty is somewhat strong. It can be bullish above the level of 35635 and the 200 ema.
RSI indicator shows a positive divergence on hourly time frame.
Wait for the chart pattern to form near the trend line/ zones.
