Banknifty daily analysis for 16/01/23.
Banknifty on the weekly charts has formed a doji and has respected the weekly fib levels too.
The market remained for selling whole week and in the last session closed gaining 290 points.
The market for 3 days has been forming dragon fly dojis but still trading below 20 DMA.
On the hourly charts, the market has crossed the 20 ema and closed between both the moving averages.
The market has taken a nice support from 41800 levels and regained the 42k levels.
Banknifty is still below 38.2% fib levels and once the level is crossed nice movement can be seen as there are doji on the higher time frame.
On 15 minutes charts, the market has closed above both the moving averages and the market has formed a nice pattern (break out and retest). If the market crosses and sustain above the previous day high, it can gain some momentum.
Support :- 42280-320, 41900
Resistance :- 42430,42700, 42910
The global markets are in a positive momentum and Indian market can follow global markets.
wait for the price action near the price level before entering the markets.
The market remained for selling whole week and in the last session closed gaining 290 points.
The market for 3 days has been forming dragon fly dojis but still trading below 20 DMA.
On the hourly charts, the market has crossed the 20 ema and closed between both the moving averages.
The market has taken a nice support from 41800 levels and regained the 42k levels.
Banknifty is still below 38.2% fib levels and once the level is crossed nice movement can be seen as there are doji on the higher time frame.
On 15 minutes charts, the market has closed above both the moving averages and the market has formed a nice pattern (break out and retest). If the market crosses and sustain above the previous day high, it can gain some momentum.
Support :- 42280-320, 41900
Resistance :- 42430,42700, 42910
The global markets are in a positive momentum and Indian market can follow global markets.
wait for the price action near the price level before entering the markets.
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