Banknifty view for 16/08/22.

Banknifty has give a strong closing above 39000 level on the weekly time frame with a nice marobuzo candle.

The market on the daiy time frame has given a bullish moving average cross over.

Banknifty is stonger as compare to nifty and has closed above the last swing high. It can remain in the uptrend from close to close basis.

Market is taking a nice support from its 20 ema on 15 minute time frame.

Support:- 38950, 38800,38300
Resistance :- 39050, 39360, 40050

The market is consolidating and a trending market is pending. The markets can be volatile and can give nice targets this week,

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