Banknifty daily analysis for 06/01/23.
Banknifty has started closing below the 20 Dma and today it tested 42300 levels. Though, in the last hour the markets regained some momentum and closed around 42600.
The market has been trending down and there are resistances created on the higher levels that will oppose an up move.
On the hourly time frame, the moving averages are close enough and a bearish moving average cross over can be there.
Let the market retest the moving average and if it shows some negative signs near the levels, short trade can be initiated.
The market has closed near the 20 ema, on 15 minute charts.
Support :- 42480, 42300
Resistance :- 42650, 42750, 42900
The global markets are weak and Indian market will follow the down trend. If the global markets close in red, our indices will test lower levels.
Wait for the price action near the levels before entering the markets.
The market has been trending down and there are resistances created on the higher levels that will oppose an up move.
On the hourly time frame, the moving averages are close enough and a bearish moving average cross over can be there.
Let the market retest the moving average and if it shows some negative signs near the levels, short trade can be initiated.
The market has closed near the 20 ema, on 15 minute charts.
Support :- 42480, 42300
Resistance :- 42650, 42750, 42900
The global markets are weak and Indian market will follow the down trend. If the global markets close in red, our indices will test lower levels.
Wait for the price action near the levels before entering the markets.
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