Banknifty daily analysis for 16/11/22
Finally, banknifty has created a new high crossing 42400 levels.
The market remained volatile and consolidated in the first half of the trading session.
On the hourly time frame, the market has given a nice break out in the last hour and closed above 42400.
Banknifty, on 15 minute time frame, has taken support around 20 ema and there was a less selling as compare to other index.
Support :- 42340, 42230, 42100
Resistance:- 42400, 42580 (fib level)
The index is at ATH and can remain in a bullish move. Let the market retest before another up move.
Wait for the price action near the levels before entering the markets.
The market remained volatile and consolidated in the first half of the trading session.
On the hourly time frame, the market has given a nice break out in the last hour and closed above 42400.
Banknifty, on 15 minute time frame, has taken support around 20 ema and there was a less selling as compare to other index.
Support :- 42340, 42230, 42100
Resistance:- 42400, 42580 (fib level)
The index is at ATH and can remain in a bullish move. Let the market retest before another up move.
Wait for the price action near the levels before entering the markets.
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