Banknifty daily analysis for 19/12/22
Banknifty on the weekly time frame has given a gravestone doji and closed below 43500 levels.
The markets has been in a bull move and this can be a retracement before another bull leg.
On the daily time frame, the marekt has tested its 20 ema and closed above it.
As per the Fibonnaci retracement levels, Banknifty can test 41500 level i.e. 38.6% levels.
The market, on hourly time frame, has closed between both the moving averages and can test 200 ema.
Support :- 43000, 42610
Resistance :- 43390, 43750
The market has given a confusion candle on daily and weekly time frame.
Wait for the price action near the levels before entering the markets.
The markets has been in a bull move and this can be a retracement before another bull leg.
On the daily time frame, the marekt has tested its 20 ema and closed above it.
As per the Fibonnaci retracement levels, Banknifty can test 41500 level i.e. 38.6% levels.
The market, on hourly time frame, has closed between both the moving averages and can test 200 ema.
Support :- 43000, 42610
Resistance :- 43390, 43750
The market has given a confusion candle on daily and weekly time frame.
Wait for the price action near the levels before entering the markets.
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