Banknifty daily analysis for 07/07/23.
Banknifty on the daily time frame has consolidated in a range for 2-3 days and was volatile in the second half of the trading session.
The market has given a bullish candle at the closing and closed 190 points higher.
On hourly charts, market opened below the 20 ema but reversed and started trading above it.
Even on 15 minute time frame, the market closed above the 20 ema and took support fromt the levels.
Support :- 45020, 44780
Resistance :- 45360
Being the expiry there was not a trend move on the either side. Market is wait for another big move as it is consolidating.
Wait for the price action near the levels before entering the market.
The market has given a bullish candle at the closing and closed 190 points higher.
On hourly charts, market opened below the 20 ema but reversed and started trading above it.
Even on 15 minute time frame, the market closed above the 20 ema and took support fromt the levels.
Support :- 45020, 44780
Resistance :- 45360
Being the expiry there was not a trend move on the either side. Market is wait for another big move as it is consolidating.
Wait for the price action near the levels before entering the market.
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