Banknifty daily analysis for 02/01/23.
Banknifty is strong and has given a dragon fly doji on the monthly chart. The market has formed an inside candle and closed gaining 3% on weekly time frame.
Even on the daily time frame, the market has formed an inside candle and took support from 20 ema.
Banknifty has been respecting the support of moving averages and has closed near the 43k levels.
Both the indices are unidirectional and if the indicies continue to follow one another, Banking index can continue to form new ATH in this series.
Support :- 42970, 42685
Resistance :- 43190, 43435
Now, the market has starting given nice trending moves.
Wait for the price action near the levels before entering the markets.
Even on the daily time frame, the market has formed an inside candle and took support from 20 ema.
Banknifty has been respecting the support of moving averages and has closed near the 43k levels.
Both the indices are unidirectional and if the indicies continue to follow one another, Banking index can continue to form new ATH in this series.
Support :- 42970, 42685
Resistance :- 43190, 43435
Now, the market has starting given nice trending moves.
Wait for the price action near the levels before entering the markets.
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