Banknifty view for 05/08/22
Bank nifty has given a lower wick rejection while engulfing last 4 candles.
Market closed in red but in the intraday there was a nice move of around 1000 points.
Bank Nifty fell in the first half and consolidated in the second half of the trading session.
On the hourly time frame, market has closed just below its 20 ema while on the 15 minute chart analysis it closed above 20 ema.
Though market tested its 15 minute 200 ema and regained around 400 points.
Support:- 37645, 37400
Resistance:- 37950-38000, 38170
Market has convincingly respected its levels.
Wait for the price action near the levels before entering the market.
Market closed in red but in the intraday there was a nice move of around 1000 points.
Bank Nifty fell in the first half and consolidated in the second half of the trading session.
On the hourly time frame, market has closed just below its 20 ema while on the 15 minute chart analysis it closed above 20 ema.
Though market tested its 15 minute 200 ema and regained around 400 points.
Support:- 37645, 37400
Resistance:- 37950-38000, 38170
Market has convincingly respected its levels.
Wait for the price action near the levels before entering the market.
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