Banknifty daily analysis for 13/01/23.

Banknifty has given 2 dragon fly dojis and if the market start trading above 42300 levels, nice movement can be captured.

The market on the hourly time frame, has closed below 61.8% fibonacci level but between both the moving averages.

The market took support around the 41750 levels and closed near 42100 losing 150 points.

On the 15 minutes chart, market gave nice movement. Market was volatile today and around 12:30 gave a fake out.

Support :- 42000, 41900, 41750
Resistance :-42100, 42340, 42650

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