Banknifty view for 07/05/22
Bank Nifty has taken a support from its 200DMA and has closed above its resistance of 35300.
On an hourly time frame the market has closed between the 20 and 200 ema and a clear trend is still not decided.
The moving averages are close enough on 15 minute time frame and last candle has closed below both the moving averages.
Support :- 35300, 35200, 35000
Resistance :- 35455, 35500
Wait for the price action near the levels before entering the markets.
On an hourly time frame the market has closed between the 20 and 200 ema and a clear trend is still not decided.
The moving averages are close enough on 15 minute time frame and last candle has closed below both the moving averages.
Support :- 35300, 35200, 35000
Resistance :- 35455, 35500
Wait for the price action near the levels before entering the markets.
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