Banknifty daily analysis for 02/02/23.
Market has given a huge doji candle swing between both the moving averages and closing 150 points lower.
Being a volatile market, banknifty made a high of 42000 and after touching the level it break down to the lower level of 39500.
In the first half of the session market remained silent and consolidated and there was a break out in the second half.
On the hourly time frame, the market tried to touch the 200 ema and took resistance. The market has closed below both the moving averages.
Even on the smaller time frame, the market has closed below both the moving averages.
Support :- 40140, 39500
Resistance :- 40800, 41580
There is long wick doji and the size of the candle expresses the budget day volatility. Tomorrow being an expiry, it will be wise to look of a consolidation zone and trade the only the break out.
Wait for the price action near the levels before entering the market.
Being a volatile market, banknifty made a high of 42000 and after touching the level it break down to the lower level of 39500.
In the first half of the session market remained silent and consolidated and there was a break out in the second half.
On the hourly time frame, the market tried to touch the 200 ema and took resistance. The market has closed below both the moving averages.
Even on the smaller time frame, the market has closed below both the moving averages.
Support :- 40140, 39500
Resistance :- 40800, 41580
There is long wick doji and the size of the candle expresses the budget day volatility. Tomorrow being an expiry, it will be wise to look of a consolidation zone and trade the only the break out.
Wait for the price action near the levels before entering the market.
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