Banknifty daily analysis for 26/07/23.
Banknifty after a gap up opening came of selling initially and closed 80 points lower on the daily close. There is a bearish engulfing candle and market is taking support from 45600 levels.
On the hourly chart, market remained in a 200 points range in the second half of the trading session.
The market has formed resistances on the highs and are near by the trading levels.
On 15 minutes time frame, market traded between both the moving averages and took support from the 200 ema and formed a V shape pattern.
Support :- 45640, 45360
Resistance :- 45920, 46070
The market today remained in a sideway mode and has closed almost flat. Chance of a nice trending market can be seen in the coming days.
Wait for the price action near the levels before entering the market.
On the hourly chart, market remained in a 200 points range in the second half of the trading session.
The market has formed resistances on the highs and are near by the trading levels.
On 15 minutes time frame, market traded between both the moving averages and took support from the 200 ema and formed a V shape pattern.
Support :- 45640, 45360
Resistance :- 45920, 46070
The market today remained in a sideway mode and has closed almost flat. Chance of a nice trending market can be seen in the coming days.
Wait for the price action near the levels before entering the market.
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