Banknifty daily analysis for 20/06/23.
Banknifty has taken a good support from the round figure level of 43500 and bounced back to test 43700 levels.
Market from the first hour came for selling and tested the support levels and closed below both the moving averages on the hourly charts.
A break down and retest has been done by the market. Market may fall this week and after crossing the 43400 levels, there are chance of a huge sell off as next support level is around 43100.
On 15 minutes chart, market may give a break out of a Head and shoulder pattern above 43700.
Support :- 43500, 43400-50, 43115
Resistance :- 43720, 43860
The market on the daily charts has been trading in the same range for 3 days and has closed below 20 EMA.
Wait for the price action near the levels before entering the market.
Market from the first hour came for selling and tested the support levels and closed below both the moving averages on the hourly charts.
A break down and retest has been done by the market. Market may fall this week and after crossing the 43400 levels, there are chance of a huge sell off as next support level is around 43100.
On 15 minutes chart, market may give a break out of a Head and shoulder pattern above 43700.
Support :- 43500, 43400-50, 43115
Resistance :- 43720, 43860
The market on the daily charts has been trading in the same range for 3 days and has closed below 20 EMA.
Wait for the price action near the levels before entering the market.
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