Banknifty daily analysis for 04/01/23.
Banknifty whole day traded inside the mother candle and during the closing hours gave a nice closing forming a Bullish Marubozu candle.
On the hourly chart, an inverted head and shoulder formation is there and if it give a break out banknifty can test new highs in this series.
On the smaller time frame, the market traded near the 20 ema and closed around a resistance zone.
Wait for the break out and sustain above the levels. Or a trade can be initiated after a break out and retest.
Support :- 43270, 43085
Resistance :- 43600, 43900
The markets are near break out and the index is out performing the global markets. If there is a positive closing in global markets, bullish swing trades can be initiated.
Wait for the price action near the level before entering the market.
On the hourly chart, an inverted head and shoulder formation is there and if it give a break out banknifty can test new highs in this series.
On the smaller time frame, the market traded near the 20 ema and closed around a resistance zone.
Wait for the break out and sustain above the levels. Or a trade can be initiated after a break out and retest.
Support :- 43270, 43085
Resistance :- 43600, 43900
The markets are near break out and the index is out performing the global markets. If there is a positive closing in global markets, bullish swing trades can be initiated.
Wait for the price action near the level before entering the market.
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