Banknifty daily analysis for 01/02/23.
Banknifty has formed a doji on the daily time frame and has closed gaining 270 points. The market took support from 40150 levels and from there continued to move up and closed at 40650.
On the hourly time frame, the market has crossed and closed above the 20 ema. The market took resistance from 38.2% fibonacci level.
The market has formed an inverted head and shoulder pattern on 15 minutes time frame and closed between both the moving averages.
Support :- 40500, 40156
Resistance :- 40780, 40955
There can be a volatile market tomorrow as it is Union Budget. Market can give nice move either side, watch for a break out and trade accordingly.
Wait for the price action near the levels before entering the markets.
On the hourly time frame, the market has crossed and closed above the 20 ema. The market took resistance from 38.2% fibonacci level.
The market has formed an inverted head and shoulder pattern on 15 minutes time frame and closed between both the moving averages.
Support :- 40500, 40156
Resistance :- 40780, 40955
There can be a volatile market tomorrow as it is Union Budget. Market can give nice move either side, watch for a break out and trade accordingly.
Wait for the price action near the levels before entering the markets.
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