Banknifty weekly analysis for 26/12/22.
Banknifty is still stronger than the other index and and give a close below 42k level.
The market lost 1500+ points or 3.5% in a week
On the daily time frame, the market has given a inverted hammer candle and lost 700+ points on 2 consecutive days.
There is a bearish moving averages cross over, on the hourly time frame.
The market has created small range resistances on the upper side and will take time to regain the highs. A downtrend is there on the smaller time frame and the weekly candle confirms the movement.
Support :- 41650, 41340, 41070
Resistance :- 41815, 41975, 42230
The market has given a nice down movement and it can retest the lower levels before any up move.
Wait for the price action near the price level before entering the markets.
The market lost 1500+ points or 3.5% in a week
On the daily time frame, the market has given a inverted hammer candle and lost 700+ points on 2 consecutive days.
There is a bearish moving averages cross over, on the hourly time frame.
The market has created small range resistances on the upper side and will take time to regain the highs. A downtrend is there on the smaller time frame and the weekly candle confirms the movement.
Support :- 41650, 41340, 41070
Resistance :- 41815, 41975, 42230
The market has given a nice down movement and it can retest the lower levels before any up move.
Wait for the price action near the price level before entering the markets.
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