Banknifty daily analysis for 16/11/22

Finally, banknifty has created a new high crossing 42400 levels.

The market remained volatile and consolidated in the first half of the trading session.

On the hourly time frame, the market has given a nice break out in the last hour and closed above 42400.

Banknifty, on 15 minute time frame, has taken support around 20 ema and there was a less selling as compare to other index.

Support :- 42340, 42230, 42100
Resistance:- 42400, 42580 (fib level)

The index is at ATH and can remain in a bullish move. Let the market retest before another up move.

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