Banknifty daily analysis for 04/07/23.
Banknifty has finally crossed and sustained above 45000 levels and has been giving gap up after gap up for last few trading session.
The market gained some momentum in the first hour and has consolidated whole day after it, remaining in the first hour candle itself.
India VIX is trading around 10-11 which is helping markets to travel new high. It is also effecting the option premium as premium are moving slowly making is difficult for intraday traders to book good profits.
On 15 minute charts, the market took support from the 20 ema and has closed near it.
Support:- 45100, 44780
Resistance :- 45350
Wait for the price action near the levels before entering the market.
The market gained some momentum in the first hour and has consolidated whole day after it, remaining in the first hour candle itself.
India VIX is trading around 10-11 which is helping markets to travel new high. It is also effecting the option premium as premium are moving slowly making is difficult for intraday traders to book good profits.
On 15 minute charts, the market took support from the 20 ema and has closed near it.
Support:- 45100, 44780
Resistance :- 45350
Wait for the price action near the levels before entering the market.
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