Banknifty daily analysis for 22/08/23.
Banknifty opened gap up and retested the trendline. The market has closed 150 points higher and remained in a upmove during the first half of the trading session.
It has formed a perfect doji on the daily charts but is still not showing some conviction of holding higher levels.
On the hourly charts, market gave a nice upmove and took resistance around 44100 levels and there was a sell off from the exact same levels. Banknifty has closed around the 20 ema and looks as it is taking some kind of a support from the level.
In the second half of the session market slowly lost points and closed around the round figure number of 44000.
On 15 minutes time frame, the market looked jittery as there was not a steady up or down move in the market. Market is still in a confusion state.
Support :- 43930, 43740
Resistance :- 44090, 44320
Market test the resistance zone of 44100 levels many time and tomorrow if there is a break out chance of a nice trending market can be seen.
Wait for the price action near the levels before entering the market.
It has formed a perfect doji on the daily charts but is still not showing some conviction of holding higher levels.
On the hourly charts, market gave a nice upmove and took resistance around 44100 levels and there was a sell off from the exact same levels. Banknifty has closed around the 20 ema and looks as it is taking some kind of a support from the level.
In the second half of the session market slowly lost points and closed around the round figure number of 44000.
On 15 minutes time frame, the market looked jittery as there was not a steady up or down move in the market. Market is still in a confusion state.
Support :- 43930, 43740
Resistance :- 44090, 44320
Market test the resistance zone of 44100 levels many time and tomorrow if there is a break out chance of a nice trending market can be seen.
Wait for the price action near the levels before entering the market.
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