Banknifty daily analysis for 12/07/23.
Banknifty fell around 400 points in the second half from the day's high but respected the support zone and closed above the 44700 levels.
A nice bearish candle has been formed on the daily charts and closed 120 points lower after a gap up of same number.
It tried to cross the 45k levels and sustained above it in the first half. But market took a U-turn and travelled lower touching 44660 levels.
On the hourly charts, market has closed below the 20 ema and the huge red candles shows some weakness in the finance market.
Support :- 44700, 44450
Resistance :- 44925, 45120
Market has formed resistances near by and the supports are still away to be tested. If the market start trading below 44700 levels, it can give 44500 as a target
Wait for the price action near the levels before entering the market.
A nice bearish candle has been formed on the daily charts and closed 120 points lower after a gap up of same number.
It tried to cross the 45k levels and sustained above it in the first half. But market took a U-turn and travelled lower touching 44660 levels.
On the hourly charts, market has closed below the 20 ema and the huge red candles shows some weakness in the finance market.
Support :- 44700, 44450
Resistance :- 44925, 45120
Market has formed resistances near by and the supports are still away to be tested. If the market start trading below 44700 levels, it can give 44500 as a target
Wait for the price action near the levels before entering the market.
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