Banknifty daily analysis for 31/05/23
Banknifty has been holding itself at the ATH and has formed a range of 200 points in which its trading. The market has gained some points during the last hour of the session and has closed above 44400 levels.
The market is taking resistance around the round number figure of 44500.
On the hourly time frame, the market has been trading above the 20 ema. Banknifty in the last hour has crossed the day high and closed above it.
There are chance of market forming new high as the market is sustaining at the high and has created a break away gap. If the market starts trading below the 44250 levels it can test 44000 levels.
Support :- 44260, 44120
Resistance :- 44500
For futher resistance round number figure can be taken.
Wait for the price action near the price level before entering the market.
The market is taking resistance around the round number figure of 44500.
On the hourly time frame, the market has been trading above the 20 ema. Banknifty in the last hour has crossed the day high and closed above it.
There are chance of market forming new high as the market is sustaining at the high and has created a break away gap. If the market starts trading below the 44250 levels it can test 44000 levels.
Support :- 44260, 44120
Resistance :- 44500
For futher resistance round number figure can be taken.
Wait for the price action near the price level before entering the market.
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