Banknifty daily analysis for 14/03/23.
Banknifty has finally closed below the 200Dma which suggest a move of a bearish market cycle. The market has closed 920 points lower near the support zone.
If the market starts trading below 39500, the market can fall another 500 points taking support around the round number figure.
On the hourly time frame, a bearish moving averages cross over is there and the market fell more than 1000 points from day's high.
The markets are in sell territory and wait for sell on rise opporunities in this kind of a market.
On 15 minutes chart, the market has taken rejection fromt the 20 ema and huge sell off was there.
Support :- 39500, 39200, 38550
Resistance :- 40340, 40650
Wait for the price action near the price levels before entering the markets.
If the market starts trading below 39500, the market can fall another 500 points taking support around the round number figure.
On the hourly time frame, a bearish moving averages cross over is there and the market fell more than 1000 points from day's high.
The markets are in sell territory and wait for sell on rise opporunities in this kind of a market.
On 15 minutes chart, the market has taken rejection fromt the 20 ema and huge sell off was there.
Support :- 39500, 39200, 38550
Resistance :- 40340, 40650
Wait for the price action near the price levels before entering the markets.
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