Banknifty daily analysis for 06/09/22
A nice flag and pole pattern formation in banknifty.
Banknifty has given a nice movement and has crossed the level of 39650 that was a resistance for a long time.
On the hourly time frame, banknifty has formed a flag and pole pattern and there is a possibility of a nice trending market in the coming week.
The box consolidation on the 15 minute time frame is a good indication of a coming trending market.
Market has respected it 20 ema on 15 minute time frame.
Support :- 39700, 39600,
Resistance :- 39850, 40050
Wait for the price action near the levels before trading the markets.
Banknifty has given a nice movement and has crossed the level of 39650 that was a resistance for a long time.
On the hourly time frame, banknifty has formed a flag and pole pattern and there is a possibility of a nice trending market in the coming week.
The box consolidation on the 15 minute time frame is a good indication of a coming trending market.
Market has respected it 20 ema on 15 minute time frame.
Support :- 39700, 39600,
Resistance :- 39850, 40050
Wait for the price action near the levels before trading the markets.
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