Banknifty weekly analysis for 05/09/22.
Banknifty on the weekly time frame has formed a bullish engulfing candle and took rejection from the recent high forming a double top pattern,
It remained strong as compare to the other index(nifty) and gained 1% this week.
On the daily time frame, market has formed a perfect doji and an inside candle.
The market respected the first hour high and low and remained in the range for the whole session.
Banknifty consolidated and traded around 15 minute's 20 ema.
The markets are volatile and global cues closed in red.
Avoid trading as banknifty is trading in a range of 1400-1500 points.
Support :- 39380, 39140, 38900
Resistance :- 39650, 40050
Wait for the markets to break the high or low of previous day. Its wise to avoid trading in this market until some price action is formed.
It remained strong as compare to the other index(nifty) and gained 1% this week.
On the daily time frame, market has formed a perfect doji and an inside candle.
The market respected the first hour high and low and remained in the range for the whole session.
Banknifty consolidated and traded around 15 minute's 20 ema.
The markets are volatile and global cues closed in red.
Avoid trading as banknifty is trading in a range of 1400-1500 points.
Support :- 39380, 39140, 38900
Resistance :- 39650, 40050
Wait for the markets to break the high or low of previous day. Its wise to avoid trading in this market until some price action is formed.
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