Banknifty daily analysis for 25/08/22

Banknifty after a bullish engulfing candle gained a nice momentum and closed above 39000 level.

Banknifty remained strong and gave a nice momentum in the last hour. There is still a bullish move in the market and can remain in green for tomorrow.

The market has closed around the hourly fibonnaci level of 0.618.

On 15 minute time frame, there is bullish moving average cross over and given a nice moment.

Support :- 38900, 38765, 38510
Resistance :- 39140, 39340, 39650

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