Banknifty weekly analysis for 03/04/23.
Banknifty has formed a base and give another doji on the monthly charts. A nice morning star pattern in formed on the weekly charts, which shows some positivity.
Though, the market on the weekly time frame is trading below the 20 ema.
The market has closed near a crucila levels and if it cross nice bullish momentum can be there in the market.
The daily chart's moving averages are close enough and a bullish moving averages crossover will be there.
A "W" pattern has been formed on the daily charts. Bullish trades can be initiated, if after a flat opening the market crosses the 40610 levels.
On the hourly charts, the market has been cleanly in the bullish momentum and all the candles of the trading session closed in the green and traded in a parallel channel.
Global market are also trading in green and the Indian marekt can show another gap up in the next trading session.
Support :- 40365, 40200
Resistance :- 40625, 40840, 41160
Wait for the price action near the levels before entering the markets.
Though, the market on the weekly time frame is trading below the 20 ema.
The market has closed near a crucila levels and if it cross nice bullish momentum can be there in the market.
The daily chart's moving averages are close enough and a bullish moving averages crossover will be there.
A "W" pattern has been formed on the daily charts. Bullish trades can be initiated, if after a flat opening the market crosses the 40610 levels.
On the hourly charts, the market has been cleanly in the bullish momentum and all the candles of the trading session closed in the green and traded in a parallel channel.
Global market are also trading in green and the Indian marekt can show another gap up in the next trading session.
Support :- 40365, 40200
Resistance :- 40625, 40840, 41160
Wait for the price action near the levels before entering the markets.
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