Banknifty weekly analysis for 17/10/22.
Banknifty on the weekly time frame has formed an inside candle. It has been taking support from the 20 ema.
The market has gained only 127 points on week to week closing.
Index has been taking resistance from 39600 level.
Banknifty in the last trading session, the index consolidated and remained in a range.
On the hourly time frame, the moving averages are close enough.
There was a "M" pattern on the 15 minute time frame and there was a sell off in the last hour. The market has closed between both the moving averages.
Support :- 39180, 38830, 38610
Resistance :- 39390, 39570, 39850
Gap ups and gap downs are not giving any intraday opportunities for the trades.
Wait for the price action near the price level before entering the markets. And look for the trading patterns in the live market to recognize any trading opportunity.
The market has gained only 127 points on week to week closing.
Index has been taking resistance from 39600 level.
Banknifty in the last trading session, the index consolidated and remained in a range.
On the hourly time frame, the moving averages are close enough.
There was a "M" pattern on the 15 minute time frame and there was a sell off in the last hour. The market has closed between both the moving averages.
Support :- 39180, 38830, 38610
Resistance :- 39390, 39570, 39850
Gap ups and gap downs are not giving any intraday opportunities for the trades.
Wait for the price action near the price level before entering the markets. And look for the trading patterns in the live market to recognize any trading opportunity.
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