Banknifty daily analysis for 31/01/23.
Banknifty on the daily time frame has given doji. The market has tested the 200 ema and 39500 level is also tested in the second half of the trading session.
There was huge volatility in the market and after a gap down the market gave a up side move and from low to high market covered 1100 points touching 40700 levels.
On the hourly time frame, banknifty has formed a morning star pattern but due to the upcoming budget positional trades can't not be created in the last hour of the session.
After the first 15 minutes candle the market slow and steady traded down and in the second half market broke the 20 ema and closed above it.
Support :- 40155, 39500, 39250
Resistance :- 40665, 40950, 41360
The market is volatile and option premiums are high. The Indian Vix is around 17 and if it continues to climb, scalp trades can be initiated as there can be a sudden change in market direction.
Wait for the price action near the levels before entering the market.
There was huge volatility in the market and after a gap down the market gave a up side move and from low to high market covered 1100 points touching 40700 levels.
On the hourly time frame, banknifty has formed a morning star pattern but due to the upcoming budget positional trades can't not be created in the last hour of the session.
After the first 15 minutes candle the market slow and steady traded down and in the second half market broke the 20 ema and closed above it.
Support :- 40155, 39500, 39250
Resistance :- 40665, 40950, 41360
The market is volatile and option premiums are high. The Indian Vix is around 17 and if it continues to climb, scalp trades can be initiated as there can be a sudden change in market direction.
Wait for the price action near the levels before entering the market.
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