Banknifty weekly analysis for 13/02/22.
Banknifty has consolidated whole week and formed a doji on the weekly charts. The market has remained in 600 points range. There are chances of a trending market in the coming week. Market has respected the support of 20 ema on the weekly time frame.
The market has taking resistance from the 20 ema and 61.8% fib levels on the daily charts. A flag and pole pattern in formed. Let the market break out or down from the levels and trade accordingly.
On the hourly charts, the market has been trading between both the moving averages.
Markets have not moved much and formed doji after doji.
The market is in the sideways momentum. Even the weekly expiry couldn't move the markets much.
Support :- 41450, 41300
Resistance :- 41700, 42000
The market can give nice movement either side.
Wait for the price action near the levels before entering the markets.
The market has taking resistance from the 20 ema and 61.8% fib levels on the daily charts. A flag and pole pattern in formed. Let the market break out or down from the levels and trade accordingly.
On the hourly charts, the market has been trading between both the moving averages.
Markets have not moved much and formed doji after doji.
The market is in the sideways momentum. Even the weekly expiry couldn't move the markets much.
Support :- 41450, 41300
Resistance :- 41700, 42000
The market can give nice movement either side.
Wait for the price action near the levels before entering the markets.
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