Banknifty daily analysis for 23/08/22

Banknifty as predicted remained for selling and fell around 700 points.It has fell around 1500 points in just 2 trading sessions.

Market has given another bearish candle and closed below the 38500 level.

Banknifty after a initial fall consolidated whole and formed a bearish flag pattern in hourly time frame.

On 15 minute chart analysis, the market has formed a bearish moving average crossover and travelled below 200 ema.

Banknifty is trading around its 20 DMA and can test the levels before another up move.

Support :- 38120, 38000, 37840
Resistance :- 38400, 38760, 38900

Banknifty can give another down movement, if it crosses todays low of 38250.

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