Banknifty daily analysis for 11/11/22
Banknifty has given a "V" shape recovery, but still closed on the red side losing 180 points.
The global markets are negative and crypto to are trading in red this week.
Index opening below 20 ema, on hourly time frame, and took resistance and touched a low of 41300 level.
On 15 minute time frame, the markets came for recovery after taking support from the 200 ema and closed around the opening levels.
Support :- 41490, 41340, 41100
Resistance :- 41600, 41690, 41940
Banknifty has created a new ATH high but couldn't sustain the levels.
Watch the global market as indian market will follow the same trend.
Wait for the price action near the levels before entering the markets.
The global markets are negative and crypto to are trading in red this week.
Index opening below 20 ema, on hourly time frame, and took resistance and touched a low of 41300 level.
On 15 minute time frame, the markets came for recovery after taking support from the 200 ema and closed around the opening levels.
Support :- 41490, 41340, 41100
Resistance :- 41600, 41690, 41940
Banknifty has created a new ATH high but couldn't sustain the levels.
Watch the global market as indian market will follow the same trend.
Wait for the price action near the levels before entering the markets.
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