Banknifty daily analysis for 12/01/23.
Banknifty remained strong and closed 200 points higher around 42200 levels.
From the initail hour the index consolidated and remained in a 200 points range forming flag and pole on smaller time frame.
The market, on the hourly time frame, took resistance from 20 ema and closed near the moving average and resistance zone.
On the 15 minutes chart, banknifty travelled in a parallel channel and closed between both the moving averages.
If the market breaks out of the parallel channel, a bullish trade can be initiated with target around 42600 levels.
Support :- 42050, 42840, 41650
Resistance :- 42340, 42600, 42900
The market has consolidated and a nice trending market can be seen tomorrow on the expiry.
Wait for the price action near the price level before entering the market.
From the initail hour the index consolidated and remained in a 200 points range forming flag and pole on smaller time frame.
The market, on the hourly time frame, took resistance from 20 ema and closed near the moving average and resistance zone.
On the 15 minutes chart, banknifty travelled in a parallel channel and closed between both the moving averages.
If the market breaks out of the parallel channel, a bullish trade can be initiated with target around 42600 levels.
Support :- 42050, 42840, 41650
Resistance :- 42340, 42600, 42900
The market has consolidated and a nice trending market can be seen tomorrow on the expiry.
Wait for the price action near the price level before entering the market.
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