Banknifty daily analysis for 31/03/23.
As predicted the markets has given a nice up move especially Banknifty. The index has given a nice move touching 40k levels.
The market tried to cross the 20 and 200 ema and faced resistance from the levels. Market has given a nice bullish candle on the daily time frame.
On the hourly charts, the market has closed between both the moving averages. There was a consolidation and a break out in the last hour, giving some positivity in the market.
Even the Dow jones has given a break out and is trading in the green at this time. If the global sentiments are positive, there is a possibility of another bullish day in Indian stock market.
Support :- 39900, 39700
Resistance :- 40180-200, 40365
Never trade a direct break out, wait for the retest and create bullish trades once the market give a dip. Now the market shall be of buy on dips.
Wait for the price action near the price levels before entering the market.
The market tried to cross the 20 and 200 ema and faced resistance from the levels. Market has given a nice bullish candle on the daily time frame.
On the hourly charts, the market has closed between both the moving averages. There was a consolidation and a break out in the last hour, giving some positivity in the market.
Even the Dow jones has given a break out and is trading in the green at this time. If the global sentiments are positive, there is a possibility of another bullish day in Indian stock market.
Support :- 39900, 39700
Resistance :- 40180-200, 40365
Never trade a direct break out, wait for the retest and create bullish trades once the market give a dip. Now the market shall be of buy on dips.
Wait for the price action near the price levels before entering the market.
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