Banknifty daily analysis for 04/01/23

Banknifty on the daily time frame has closed near the 20 ema and took support around 42850.

On the hourly time frame, the markets are looking in a bearish mode.

The market can consolidate in the first half and give a nice movement in the second half due to weekly expiry.

The market on the hourly time frame, has closed near the 200 ema and took resistance from 20 ema.

Support :- 42800, 42500
Resistance :- 43200, 43500

The market have closed giving only dojis in the closing hour.

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