Banknifty weekly analysis for last week of June (26/06/23).
Banknifty on the weekly charts has been forming doji after doji and has lost 300 points on week to week close.
It has been consolidating on the higher levels but nifty is not supporting the up move. As nifty is still to form a new ATH whereas, banknifty has formed a new ATH.
On the daily charts, market has formed a perfect doji candle after a gap down opening. Banknifty has closed below the 20 EMA and if it breaks down below 43400 levels it can test the 200 EMA.
The moving averages, on the hourly charts, have converged and are close to each other. Market are yet to decide the trend.
Bearish moving averages crossover is there, on 15 minutes time frame, and market has been taking rejection from 20 EMA .
Support :- 43400, 43120
Resistance :- 43760, 44050
Wait for the price action near the levels before entering the markets.
It has been consolidating on the higher levels but nifty is not supporting the up move. As nifty is still to form a new ATH whereas, banknifty has formed a new ATH.
On the daily charts, market has formed a perfect doji candle after a gap down opening. Banknifty has closed below the 20 EMA and if it breaks down below 43400 levels it can test the 200 EMA.
The moving averages, on the hourly charts, have converged and are close to each other. Market are yet to decide the trend.
Bearish moving averages crossover is there, on 15 minutes time frame, and market has been taking rejection from 20 EMA .
Support :- 43400, 43120
Resistance :- 43760, 44050
Wait for the price action near the levels before entering the markets.
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