Banknifty weekly analysis for 05/06/23.
Banknifty is sustaining at the higher levels and created a new ATH of 44500,
Though on the weekly charts, a red candle is formed still the markets are around 44000.
Markets have been taking support around 43500 previously and can test the same levels in coming week. The market has been testing 20 ema on the weekly time frame as a support and 20 ema as resistance on houly charts.
The market has been forming lower low lower highs and is still on the higher levels.
Support :- 43830, 43700
Resistance :- 44050-150, 44500
THe market has reversed from 44150 levels and if the market enters 44050-150 range enter on after it closed above or below the levels.
Wait for the price action near the levels before entering the markets.
Though on the weekly charts, a red candle is formed still the markets are around 44000.
Markets have been taking support around 43500 previously and can test the same levels in coming week. The market has been testing 20 ema on the weekly time frame as a support and 20 ema as resistance on houly charts.
The market has been forming lower low lower highs and is still on the higher levels.
Support :- 43830, 43700
Resistance :- 44050-150, 44500
THe market has reversed from 44150 levels and if the market enters 44050-150 range enter on after it closed above or below the levels.
Wait for the price action near the levels before entering the markets.
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