Banknifty daily analysis for 22/12/22
Banknifty on the daily time frame has given a bearish engulfing candle and closed 740 points lower breaking the 20 ema.
The market has finally shown some momentum after a long time and the selling was there from the opening itself.
On the hourly time frame, the market broke the 200 ema, gave a retest and closed below both the moving averages.
The global market are being hit by the recession and Indian markets are still showing some strength.
The market can come for selling tomorrow as well as. Check the US market as Indian market will follow its trend.
Support :- 42560, 42220
Resistance :- 42950, 43290
The market has given a nice movement and can remain silent after the huge fall. Watch for the option premium as tomorrow is weekly expiry.
Wait for the price action near the price level before entering the markets.
The market has finally shown some momentum after a long time and the selling was there from the opening itself.
On the hourly time frame, the market broke the 200 ema, gave a retest and closed below both the moving averages.
The global market are being hit by the recession and Indian markets are still showing some strength.
The market can come for selling tomorrow as well as. Check the US market as Indian market will follow its trend.
Support :- 42560, 42220
Resistance :- 42950, 43290
The market has given a nice movement and can remain silent after the huge fall. Watch for the option premium as tomorrow is weekly expiry.
Wait for the price action near the price level before entering the markets.
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