Banknifty daily analysis for 02/06/23.
A bearish candle has been formed on the daily charts in banknifty and has closed below the low of previous day.
On the hourly chart, the market consolidated in the first half and remained in a narrow range of 150-60 points. Banknifty constantly took resistance from the 20 ema and gave a nice bearish movement in the second half of the trading session.
Markets have closed on a negative sentiment and the fall can continue upto 43400 levels.
There is a bearish moving averages cross over on 15 minutes charts.
Support :- 43700, 43450
Resistance :- 44040, 44150
Markets tried to sustain at the higher levels and has given a nice down side fall of 400 points in the last hours of the session.
Wait for the price action near the levels before entering the market.
On the hourly chart, the market consolidated in the first half and remained in a narrow range of 150-60 points. Banknifty constantly took resistance from the 20 ema and gave a nice bearish movement in the second half of the trading session.
Markets have closed on a negative sentiment and the fall can continue upto 43400 levels.
There is a bearish moving averages cross over on 15 minutes charts.
Support :- 43700, 43450
Resistance :- 44040, 44150
Markets tried to sustain at the higher levels and has given a nice down side fall of 400 points in the last hours of the session.
Wait for the price action near the levels before entering the market.
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