Banknifty daily analysis for 21/02/23.
Banknifty has touched the support level of 41600 and closed around 41700 levels. The market is trading below the 20 ema and can touch the 200 ema.
The market is showing some negativity and remained for selling whole day after touching the resistance levels.
On the hourly time frame, the market has been trading below the moving averages and will retest it before another fall.
Market has consolidated in 40100-41600 levels and if the support levels are broken it can test the recent lows.
Support :- 41600, 41110
Resistance :-40880, 41240
Wait for the price action near the price levels before entering the markets.
The market is showing some negativity and remained for selling whole day after touching the resistance levels.
On the hourly time frame, the market has been trading below the moving averages and will retest it before another fall.
Market has consolidated in 40100-41600 levels and if the support levels are broken it can test the recent lows.
Support :- 41600, 41110
Resistance :-40880, 41240
Wait for the price action near the price levels before entering the markets.
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