Banknifty view for 05/07/22
Banknifty has formed a nice bullish candle and closing above its 20 DMA.
On hourly analysis the markets remained in a uptrend and closed above its 20 and 200 ema.
On 15 minute time frame, it took a nice support from its 20 ema and rallied 250 points from there.
Support:- 33700, 33950
Resistance:- 34350, 34625
The market can remain bullish as it has closed above its major resistance of 33700.
Wait for the price action near the levels before entering the markets.
On hourly analysis the markets remained in a uptrend and closed above its 20 and 200 ema.
On 15 minute time frame, it took a nice support from its 20 ema and rallied 250 points from there.
Support:- 33700, 33950
Resistance:- 34350, 34625
The market can remain bullish as it has closed above its major resistance of 33700.
Wait for the price action near the levels before entering the markets.
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