Banknifty daily analysis for 27/12/22.
Banknifty has given a bullish closing above 42500 levels gaining 950 points.
The index took a rejection from 20 DMA and hourly 200 moving average.
On the hourly time frame, the market remained in the bull move and gave nice target for moving average strategy.
Even on the smaller time frame i.e. 15 minute, the market has given the targets.
Support :- 42550, 42230
Resistance :- 42890, 43050-43100
The market on the hourly chart has given a long wick rejection from 61.8% fibonnaci level.
Wait for the price action near the price level before entering the market.
The index took a rejection from 20 DMA and hourly 200 moving average.
On the hourly time frame, the market remained in the bull move and gave nice target for moving average strategy.
Even on the smaller time frame i.e. 15 minute, the market has given the targets.
Support :- 42550, 42230
Resistance :- 42890, 43050-43100
The market on the hourly chart has given a long wick rejection from 61.8% fibonnaci level.
Wait for the price action near the price level before entering the market.
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