Banknifty weekly analysis for 29/05/23.
Banknifty has been trading in a range and has closed near the resistance level. Market has formed a dragon fly doji and if the market crosses above the resistance levels nice upside movement can be seen in the coming week.
For last 2 weeks market has been consolidating in a 600 points range and taking support from the 20 ema on the daily charts.
In the coming weeks, banknifty can form new ATH.
Support :- 43450, 42820
Resistance :- 44120-45
The markets are trading near the ATH. If the markets start trading above the high 44500 and 45000 levels can act as the resistance.
Wait for the price action near the price levels before entering the market.
For last 2 weeks market has been consolidating in a 600 points range and taking support from the 20 ema on the daily charts.
In the coming weeks, banknifty can form new ATH.
Support :- 43450, 42820
Resistance :- 44120-45
The markets are trading near the ATH. If the markets start trading above the high 44500 and 45000 levels can act as the resistance.
Wait for the price action near the price levels before entering the market.
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