Banknifty daily analysis for 07/12/22
Market trend is still not predictable as banknifty has formed a gravestone doji after a dragon fly doji on day to day closing.
Banknifty created confusion in the initial hour and consolidated whole day in a narrow range.
On hourly time frame, the market traded whole day below the 20 ema.
The market has constantly faced rejection from 43200 levels and closed 194 points low.
Support :- 43090, 43000
Resistance :- 43180, 43280
The market are not giving a nice 400-500 moves in a day and this kind of markets should be avoided.
Wait for the price action near the levels before entering the market.
Banknifty created confusion in the initial hour and consolidated whole day in a narrow range.
On hourly time frame, the market traded whole day below the 20 ema.
The market has constantly faced rejection from 43200 levels and closed 194 points low.
Support :- 43090, 43000
Resistance :- 43180, 43280
The market are not giving a nice 400-500 moves in a day and this kind of markets should be avoided.
Wait for the price action near the levels before entering the market.
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