Banknifty weekly analysis for 06/03/23.
A tweezer bottom pattern is formed on the weekly charts of banknifty. The index has closed above the 20 ema and looks stronger than the other index.
The market has given a nice weekly and daily closing around 41250 levels. The market has closed near 38.2% fibonacci levels.
Banknifty has given a break out and a retest of the resistance zone and closed above both the moving averages, on hourly charts. Even the strong daily candle is indicating some positivity.
The market has respected the recent low and reversed after trading around it.
Support :- 40900, 40600
Resistance :- 41750, 41970-42000
Banknifty has given a strong closing and can continue to remain in green.
Wait for the price action near the levels before entering the markets.
The market has given a nice weekly and daily closing around 41250 levels. The market has closed near 38.2% fibonacci levels.
Banknifty has given a break out and a retest of the resistance zone and closed above both the moving averages, on hourly charts. Even the strong daily candle is indicating some positivity.
The market has respected the recent low and reversed after trading around it.
Support :- 40900, 40600
Resistance :- 41750, 41970-42000
Banknifty has given a strong closing and can continue to remain in green.
Wait for the price action near the levels before entering the markets.
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