Banknifty daily analysis for 13/12/22.
Banknifty on the daily time frame has formed an inside candle and closed only 75 point above.
On the hourly time frame, the market has tested the 20 ema and consolidated in a flag and pole pattern forming lower wicks.
The index opened lower but regained in the first hour and consolidated whole day in a narrow range of about 100 points.
The market, on 15 minute time frame, has traded around 20 ema and took resistance near 43750 levels
Support :- 43600, 4335-370
Resistance :- 43750, 43820
The market is halting on the higher levels and new high can be possibility in this December.
Wait for the price action near the levels before entering the markets.
On the hourly time frame, the market has tested the 20 ema and consolidated in a flag and pole pattern forming lower wicks.
The index opened lower but regained in the first hour and consolidated whole day in a narrow range of about 100 points.
The market, on 15 minute time frame, has traded around 20 ema and took resistance near 43750 levels
Support :- 43600, 4335-370
Resistance :- 43750, 43820
The market is halting on the higher levels and new high can be possibility in this December.
Wait for the price action near the levels before entering the markets.
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