Banknifty view for 17/06/22

Banknifty has formed a bearish engulfing candle and closed far below its opening.

Both the indices were in red.

On an hourly time frame, market could sustain its 20 ema and fell around 720 point on daily closing.

Markets fell around 1100+ points from its day high.

Support:- 32450, 32170
Resistance:- 33020, 33210

There is negative sentiment due to the inflation data. Markets can remain bearish.

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