Banknifty daily analysis for 05/09/23.
There was gap filling trade in the very first hour of the session and after that market slowly started to gain up side momentum.
Banknifty tested the 20 ema on daily charts and has finally closed above the levels.
On the hourly charts, it took support around 200 ema and couldn't clear the 19600 level and constantly took rejection from the level.
Trending market are not be seen in last few days. Just watch the market and create small position as to preserve your capital
On 15 minute time frame, market took support from 20 and 200 averages in a single candle and reversed forming a morning star pattern.
Support :- 44330, 44100
Resistance :-44590, 44750, 44910
Wait for the price action near the levels before entering the market.
Banknifty tested the 20 ema on daily charts and has finally closed above the levels.
On the hourly charts, it took support around 200 ema and couldn't clear the 19600 level and constantly took rejection from the level.
Trending market are not be seen in last few days. Just watch the market and create small position as to preserve your capital
On 15 minute time frame, market took support from 20 and 200 averages in a single candle and reversed forming a morning star pattern.
Support :- 44330, 44100
Resistance :-44590, 44750, 44910
Wait for the price action near the levels before entering the market.
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