Banknifty daily analysis for 22/02/2023.
Banknifty has formed a doji, consolidating in a range on only 400 points. It is taking support from 40600 levels and can retest resistance before another fall.
On the hourly time frame, market remained volatile and in the second half consolidated in 40600-770 range.
The market has given a nice consolidation and beark out/down will be good to trade.
Banknifty is trading around 50% fib levels and can give either side move.
Support :- 40600, 40115
Resistance :- 40940, 41250
Market is volatile, giving nice consolidation zone. The break down/out can be traded with R:R ratio 1:2-1:3.
Wait for the price action near the levels before entering the markets.
On the hourly time frame, market remained volatile and in the second half consolidated in 40600-770 range.
The market has given a nice consolidation and beark out/down will be good to trade.
Banknifty is trading around 50% fib levels and can give either side move.
Support :- 40600, 40115
Resistance :- 40940, 41250
Market is volatile, giving nice consolidation zone. The break down/out can be traded with R:R ratio 1:2-1:3.
Wait for the price action near the levels before entering the markets.
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