Banknifty weekly analysis for 20/03/23.
Banknifty on the weekly time frame has given a nice lower wick rejection and formed a doji. Though the market are in the bearish move but the weekly candle is showing a short term positive momentum in the index.
For last 2 trading session the market has sustain the opening levels and soaked in all the sell pressure it exerted in the last hour of session. 38.2% fibonnaci level is near and if it starts trading above it, 50% levels can be reached.
On the hourly time frame, the market has show a 'U' shape kind of a recovery and the last hour momentum is showing some positive sentiment.
SGX nifty is showing a negative closing of 117 points. Indian markets will follow the global market, watch for the global market in the morning.
Support :- 39000, 38550
Resistance :- 39780, 40080
Wait for the price action near the levels before entering the market.
For last 2 trading session the market has sustain the opening levels and soaked in all the sell pressure it exerted in the last hour of session. 38.2% fibonnaci level is near and if it starts trading above it, 50% levels can be reached.
On the hourly time frame, the market has show a 'U' shape kind of a recovery and the last hour momentum is showing some positive sentiment.
SGX nifty is showing a negative closing of 117 points. Indian markets will follow the global market, watch for the global market in the morning.
Support :- 39000, 38550
Resistance :- 39780, 40080
Wait for the price action near the levels before entering the market.
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