Banknifty view for 04/07/22
Banknifty on monthly time frame has given a bearish candle and has closed just below its 20 ema.
The markets looks bearish on the higher time frame.
The markets have tested its 0.382 fib level (weekly time frame) and has closed below it.
It is facing a constant resistance from its 20 DMA. Banknifty has consolidated for 3 days and can give a trending market in the coming week.
Market on the smaller time frame looks bullish as it has given a nice bullish move after an inital gap down opening.
The 20 and 200 ema's on 15 minute time are close enough and the market has closed above them.
Support :- 33420, 33200
Resistance :- 22700, 33950-34000
A clear trend is still not defined and markets can remain choppy,
Wait for the price action near the levels before entering the markets.
The markets looks bearish on the higher time frame.
The markets have tested its 0.382 fib level (weekly time frame) and has closed below it.
It is facing a constant resistance from its 20 DMA. Banknifty has consolidated for 3 days and can give a trending market in the coming week.
Market on the smaller time frame looks bullish as it has given a nice bullish move after an inital gap down opening.
The 20 and 200 ema's on 15 minute time are close enough and the market has closed above them.
Support :- 33420, 33200
Resistance :- 22700, 33950-34000
A clear trend is still not defined and markets can remain choppy,
Wait for the price action near the levels before entering the markets.
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