Banknifty weekly analysis for 21/08/23.
Banknifty has been trading around a major support levels and is around weekly 20 ema. It is taking support from the moving average. For last 4 weeks market has given red candles and has formed a confusion candle this week.
On the daily charts, market is stuck in a small range which shows that there is a high probability of a trend market in this week. Banknifty is giving close in a small range ans closed almost flat on friday.
In the last trading session market has trading inside the first hour candle. The market is in a sideways mode. Watch a trending market in the coming week.
On the hourly charts, the market has been taking resistance from the 20 ema and is trading below both the moving averages.
Market is also taking resistance from a trend line, forming a descending triangle pattern.
Support :- 43750, 43570, 43400
Resistance :- 43920, 44090
Market has tested 44k levels multiple times, making it a weak resistance levels. Watch for a break out or break down of the levels as there can be a trend move in the markets.
Wait for the price action near the levels before entering the market.
On the daily charts, market is stuck in a small range which shows that there is a high probability of a trend market in this week. Banknifty is giving close in a small range ans closed almost flat on friday.
In the last trading session market has trading inside the first hour candle. The market is in a sideways mode. Watch a trending market in the coming week.
On the hourly charts, the market has been taking resistance from the 20 ema and is trading below both the moving averages.
Market is also taking resistance from a trend line, forming a descending triangle pattern.
Support :- 43750, 43570, 43400
Resistance :- 43920, 44090
Market has tested 44k levels multiple times, making it a weak resistance levels. Watch for a break out or break down of the levels as there can be a trend move in the markets.
Wait for the price action near the levels before entering the market.
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