Banknifty weekly analysis for 17/07/23.
Banknifty has almost retraced to 50% fibonacci levels and taken support from 20 DMA. There is a doji again on the weekly charts and is respecting a support zone around 44600 levels.
On the daily charts, a dragon fly doji was formed. Banknifty has respected the moving average and took a nice reversal from 20 ema.
Market from the first hour was there for selling and in the last hour after hitting the support zone reversed and closed 150 points higher.
Nifty is trading stronger and is forming new highs but banknifty still trading below 45k levels.
On the hourly charts, there is a confusion as its trading around the 20 ema and no clear trend is there. Once there is a break out of the trendline and both indices support each other, banknifty can test 46k levels soon.
Support :- 44600, 44400
Resistance :- 44920, 45070
As per nifty market are looking bullish and even the global sentiments are suggesting a bull market. Banknifty can give good targets in the coming week.
Wait for the price action near the levels before entering the market.
On the daily charts, a dragon fly doji was formed. Banknifty has respected the moving average and took a nice reversal from 20 ema.
Market from the first hour was there for selling and in the last hour after hitting the support zone reversed and closed 150 points higher.
Nifty is trading stronger and is forming new highs but banknifty still trading below 45k levels.
On the hourly charts, there is a confusion as its trading around the 20 ema and no clear trend is there. Once there is a break out of the trendline and both indices support each other, banknifty can test 46k levels soon.
Support :- 44600, 44400
Resistance :- 44920, 45070
As per nifty market are looking bullish and even the global sentiments are suggesting a bull market. Banknifty can give good targets in the coming week.
Wait for the price action near the levels before entering the market.
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