Banknifty weanalysis for 23/01/23.
Banknifty has formed an inside candle and a dragon fly doji on the weekly charts. It has been trading in a range and can give a trending market in the coming week.
There is a doji on the daily charts as well which show a confusion in the market. Banknifty has closed near the 20 ema and support zone.
On the hourly charts, the market has consolidated and closed between both the moving averages.
The market has been facing a resistance from 42700 levels. Let the market cross the level then only bullish trades can be initiated.
On 15 minutes charts too, the market has closed between the moving averages.
Support :- 42500, 42380, 42260
Resistance :- 42700, 42900
The market are in a confusion state. Let it decide the trend and trade according to the scenario.
Wait for the price action near the levels before entering the markets.
There is a doji on the daily charts as well which show a confusion in the market. Banknifty has closed near the 20 ema and support zone.
On the hourly charts, the market has consolidated and closed between both the moving averages.
The market has been facing a resistance from 42700 levels. Let the market cross the level then only bullish trades can be initiated.
On 15 minutes charts too, the market has closed between the moving averages.
Support :- 42500, 42380, 42260
Resistance :- 42700, 42900
The market are in a confusion state. Let it decide the trend and trade according to the scenario.
Wait for the price action near the levels before entering the markets.
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