Banknifty daily analysis for 07/03/23.
Banknifty on the daily time frame has given a doji and closed only 99 points higher after a gap of 150 points.
In the first hour of the market there was a nice bullish candle but the market couldn't sustain the levels and started to melt down closing around 41350 points.
There is a bullish moving averages cross over, on the hourly time frame, which shows some bullish movement in the coming days. The index has been taking resistance around the round figure of 42k. Once the resistance is taken out, the market will be in a bullish move and can touch new highs.
On 15 minutes time frame, the market has consolidated very nice in a parallel channel and closed near the 20 ema.
Support :- 41250, 40900
Resistance :- 41650, 41750, 42000
Wait for the price action near the price levels before entering the markets.
In the first hour of the market there was a nice bullish candle but the market couldn't sustain the levels and started to melt down closing around 41350 points.
There is a bullish moving averages cross over, on the hourly time frame, which shows some bullish movement in the coming days. The index has been taking resistance around the round figure of 42k. Once the resistance is taken out, the market will be in a bullish move and can touch new highs.
On 15 minutes time frame, the market has consolidated very nice in a parallel channel and closed near the 20 ema.
Support :- 41250, 40900
Resistance :- 41650, 41750, 42000
Wait for the price action near the price levels before entering the markets.
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