Banknifty daily analysis for 12/05/23
Bank nifty on the daily time frame has given a grave stone doji after a dragon fly doji.
Market after Gap up opening has given a selling. Initially market came for selling and consolidated in the second half of the session.
After the first hour market has formed a bearish flag pole pattern.
Support:- 43430, 43200
Resistance:- 43640, 43700
Bank nifty is still stronger than nifty. Watch for the banking sector and enter only on the break out/down.
Wait for the price action near the levels before entering the market.
Market after Gap up opening has given a selling. Initially market came for selling and consolidated in the second half of the session.
After the first hour market has formed a bearish flag pole pattern.
Support:- 43430, 43200
Resistance:- 43640, 43700
Bank nifty is still stronger than nifty. Watch for the banking sector and enter only on the break out/down.
Wait for the price action near the levels before entering the market.
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