Banknifty daily analysis for 04/11/22.
A nice up move after a gap down due to the global news and again respected the support of 40850.
Banknifty, on the daily time frame, gave a nice up move and consolidated whole day on an expiry day. The market traded whole day near the 20 ema.
The market has remained in a range of 200 points whole and closed 150 points up.
On 15 minute time frame, the market has closed between both ema's.
Support :- 41250, 41070, 40850
Resistance :- 41430, 41500, 41650
The market has formed a flag and pole pattern on hourly time frame, if it give a break out nice movement can be captured.
Wait for the price action near the price levels before entering the markets.
Banknifty, on the daily time frame, gave a nice up move and consolidated whole day on an expiry day. The market traded whole day near the 20 ema.
The market has remained in a range of 200 points whole and closed 150 points up.
On 15 minute time frame, the market has closed between both ema's.
Support :- 41250, 41070, 40850
Resistance :- 41430, 41500, 41650
The market has formed a flag and pole pattern on hourly time frame, if it give a break out nice movement can be captured.
Wait for the price action near the price levels before entering the markets.
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