Banknifty daily analysis for 11/01/23
Banknifty has formed a nice bearish trend on the daily charts. And if the market breaks below 42920, it can test 41650 levels.
On the hourly charts, the market respected the 41900 levels and closed above 42k level. It closed below both the moving averages.
There is a bearish moving average cross over and market started trading below the previous day low.
On 15 minutes chart, the market has formed a bearish pattern and closed near 20 ema.
The market has taken a drop from 50% fib levels, closing 500 points lower.
Support :- 41840-880, 41650
Resistance :- 42300, 42600
The has given a retest and started dropping. The market can remain bearish, once today's low is broken.
Wait for the price action near the levels before entering the market.
On the hourly charts, the market respected the 41900 levels and closed above 42k level. It closed below both the moving averages.
There is a bearish moving average cross over and market started trading below the previous day low.
On 15 minutes chart, the market has formed a bearish pattern and closed near 20 ema.
The market has taken a drop from 50% fib levels, closing 500 points lower.
Support :- 41840-880, 41650
Resistance :- 42300, 42600
The has given a retest and started dropping. The market can remain bearish, once today's low is broken.
Wait for the price action near the levels before entering the market.
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