Banknifty weekly analysis for 22/08/22

Banknifty on the weekly time frame has formed a bearish candle and closed below the crucial round number 39000.

On daily time frame, banknifty has formed a bearish engulfing candle and lost around 700 points in a day.

The market has started trading below its 20 ema on hourly time frame and closed below the level.

A nice price action is formed on 15 minute time frame and market is taking support from 200 ema.

Support :- 38900, 38765, 38400
Resistance :- 39140, 39340, 39650

The markets can be volatile.

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