Banknifty daily analysis for 24/08/22.

Banknifty has formed a beautiful bullish engulfing candle after testing its 20 DMA.

Banknifty remained strong and in the last trading hour crossed yesterday’s high and closed above it.

Market gained about 400 points and crossed hourly 20 ema.

On 15 minute time frame analysis, Banknifty crossed its 200 ema and closed above it.

Support:- 38766, 38510, 38200
Resistance:- 38850-900, 39000, 39150

The market has given a nice retest and can continue to be in the bullish trend.

Wait for the price action near the levels before entering the markets.