Banknifty view for 13/06/22
Bank Nifty has formed a nice bearish candle on a weekly time frame after testing its 0.5 fib level and 20 ema.
The market has closed below its important level of 34500 and looks bearish on multiple time frame.
A bearish moving average cross over and closing below its important moving averages the market is set to go further down.
Even the global markets are looking bearish. The markets can remain in red for the next trading week.
Support :- 34100, 33580.
Resistance :- 34500, 34800
The market is trading close to its monthly 20 ema (which is around 34130), it can be tested in the coming week.
Wait for the price action near the levels before entering the markets.
The market has closed below its important level of 34500 and looks bearish on multiple time frame.
A bearish moving average cross over and closing below its important moving averages the market is set to go further down.
Even the global markets are looking bearish. The markets can remain in red for the next trading week.
Support :- 34100, 33580.
Resistance :- 34500, 34800
The market is trading close to its monthly 20 ema (which is around 34130), it can be tested in the coming week.
Wait for the price action near the levels before entering the markets.
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