Banknifty weekly analysis for 20/02/23.
Banknifty on the weekly time frame has formed an engulfing doji, showing some confusion about the trend. The market has closed below the 20 ema taking rejection from 50% fibonnaci levels.
On the daily charts, the market has closed below 20 ema. The market has started trading below the support level of 41250.
The market is trading in a sideways cycle and the close below 40k will show some signs of a bearish trend.
On the hourly chart, the market on the last trading session remained in a sell mode and only the last hour candle is in green. The market has closed below both the moving averages.
The market has been showing confusion and a clear trend is not there to take positional buy trades.
Support :- 40880, 40600
Resistance ;- 41250, 41680
The market is trading in a range where there are resistance and support in small ranges which signifies a sideways trend.
Wait for the price action near the levels before entering the markets.
On the daily charts, the market has closed below 20 ema. The market has started trading below the support level of 41250.
The market is trading in a sideways cycle and the close below 40k will show some signs of a bearish trend.
On the hourly chart, the market on the last trading session remained in a sell mode and only the last hour candle is in green. The market has closed below both the moving averages.
The market has been showing confusion and a clear trend is not there to take positional buy trades.
Support :- 40880, 40600
Resistance ;- 41250, 41680
The market is trading in a range where there are resistance and support in small ranges which signifies a sideways trend.
Wait for the price action near the levels before entering the markets.
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