Banknifty daily analysis for 13/07/23 (weekly analysis).
Banknifty today has given a consolidation and a break down in the last hour of the trading session.
The market has tested the 50% fibonacci level today and is closed to the daily 20 Ema. The market is in the bullish move and can continue the up move if it reverse from the golden ratio.
On the hourly charts, market has taken resistance from the 20 ema and closed between both the moving averages.
The last hour candle has given some negative movement but is still following a trend line.
There is a bearish moving averages cross over, on 15 minutes charts, and has constantly taken rejection from the 20o ema.
Support :- 44450, 44210
Resistance :-44750-70, 44925
If there is a gap up and market continues to move up and continues to move up, there are chances of break out of the parallel channel which market is following.
Wait for the price action near the levels before entering the market.
The market has tested the 50% fibonacci level today and is closed to the daily 20 Ema. The market is in the bullish move and can continue the up move if it reverse from the golden ratio.
On the hourly charts, market has taken resistance from the 20 ema and closed between both the moving averages.
The last hour candle has given some negative movement but is still following a trend line.
There is a bearish moving averages cross over, on 15 minutes charts, and has constantly taken rejection from the 20o ema.
Support :- 44450, 44210
Resistance :-44750-70, 44925
If there is a gap up and market continues to move up and continues to move up, there are chances of break out of the parallel channel which market is following.
Wait for the price action near the levels before entering the market.
