Banknifty daily analysis for 15/03/23.
Banknifty on the daily time frame has formed a perfect doji. The markets initially were in confusion but tested the lower levels taking support around 39200 levels.
In the second half of the trading session the markets were volatile and consolidated in a 300 points range.
On the hourly time frame, the market has closed below both the moving averages and forming upper wick candle showing some selling pressure.
The market has taken a halt and if the selling continues it can test 38000 levels soons.
On the 15 minute time frame, the market has traded around the 20 ema and closed around the same.
Support :- 39200, 38550
Resistance :- 39520, 39780
Wait for the markets to give a BOS for a bullish move, otherwise, sell on rise is the strategy to fo with.
Wait for the price action near the price levels before entering the markets,
In the second half of the trading session the markets were volatile and consolidated in a 300 points range.
On the hourly time frame, the market has closed below both the moving averages and forming upper wick candle showing some selling pressure.
The market has taken a halt and if the selling continues it can test 38000 levels soons.
On the 15 minute time frame, the market has traded around the 20 ema and closed around the same.
Support :- 39200, 38550
Resistance :- 39520, 39780
Wait for the markets to give a BOS for a bullish move, otherwise, sell on rise is the strategy to fo with.
Wait for the price action near the price levels before entering the markets,
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