Banknifty daily analysis for 23/08/22
Banknifty as predicted remained for selling and fell around 700 points.It has fell around 1500 points in just 2 trading sessions.
Market has given another bearish candle and closed below the 38500 level.
Banknifty after a initial fall consolidated whole and formed a bearish flag pattern in hourly time frame.
On 15 minute chart analysis, the market has formed a bearish moving average crossover and travelled below 200 ema.
Banknifty is trading around its 20 DMA and can test the levels before another up move.
Support :- 38120, 38000, 37840
Resistance :- 38400, 38760, 38900
Banknifty can give another down movement, if it crosses todays low of 38250.
Wait for the price action near the levels before entering the markets
Market has given another bearish candle and closed below the 38500 level.
Banknifty after a initial fall consolidated whole and formed a bearish flag pattern in hourly time frame.
On 15 minute chart analysis, the market has formed a bearish moving average crossover and travelled below 200 ema.
Banknifty is trading around its 20 DMA and can test the levels before another up move.
Support :- 38120, 38000, 37840
Resistance :- 38400, 38760, 38900
Banknifty can give another down movement, if it crosses todays low of 38250.
Wait for the price action near the levels before entering the markets
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