Banknifty daily analysis for 09/05/23
Indian market followed the global markets and has given a nice upside move after a 1000 points loss, Banknifty has given a 600 points recovery forming an inside candle on the daily time frame.
Though, the market looks bullish, still banknifty is trading in a resistance zone and the previous fake out if strong will also act as a resistance.
Markets opened gap up and moved in the direction gaining around 500 points in first trading hour. The market took resistance and consolidated in narrow range of 100 points in the second half.
On hourly time frame, the market has crossed the 20 ema in a "v" shape form.
Either side moment can be there once a break out/down is there.
Support :- 43200-20, 43000
Resistance :- 43400, 43580
Wait for the price action near the levels before entering the markets.
Though, the market looks bullish, still banknifty is trading in a resistance zone and the previous fake out if strong will also act as a resistance.
Markets opened gap up and moved in the direction gaining around 500 points in first trading hour. The market took resistance and consolidated in narrow range of 100 points in the second half.
On hourly time frame, the market has crossed the 20 ema in a "v" shape form.
Either side moment can be there once a break out/down is there.
Support :- 43200-20, 43000
Resistance :- 43400, 43580
Wait for the price action near the levels before entering the markets.
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