Banknifty daily analysis for 07/11/22
Banknifty on the weekly time frame has formed a neutral doji and still trading in the same range.
For last 11 days, banknifty has been trading in a range of 40800-41500.
Index has been consolidating and on the last trading session banknifty has consolidated near the 20 ema on hourly time frame.
Markets has consolidated for 2 weeks in a range and remained in a close range whole day.
On 15 minutes time frame, the market has tested the 200 ema and during the closing hour closed above the 20 ema.
Support :- 41070, 40850, 40650
Resistance :- 41500, 41650, 41840
The markets have consolidated and a breakout can give a good risk to reward ratio. Let the markets start closing above 41500 and banknifty can make new ATH.
Wait for the price action near the price levels before entering the markets.
For last 11 days, banknifty has been trading in a range of 40800-41500.
Index has been consolidating and on the last trading session banknifty has consolidated near the 20 ema on hourly time frame.
Markets has consolidated for 2 weeks in a range and remained in a close range whole day.
On 15 minutes time frame, the market has tested the 200 ema and during the closing hour closed above the 20 ema.
Support :- 41070, 40850, 40650
Resistance :- 41500, 41650, 41840
The markets have consolidated and a breakout can give a good risk to reward ratio. Let the markets start closing above 41500 and banknifty can make new ATH.
Wait for the price action near the price levels before entering the markets.
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