Banknifty daily analysis for 11/07/23.
Banknifty has formed a doji and has closed almost flat. Whole day market remained volatile and during second half respected the support zone of 44850-900.
The market on the hourly time frame, took resistance from the 20 ema and closed below it.
Banknifty was weak and tested 44700 levels. Though, it was not trending and took the SL of the option buyers.
On 15 minutes time frame, market closed near the 20 ema and took serious resistance from the level.
Support :- 44710, 44450
Resistance:- 44930, 45210
The markets are volatile and there is no clear trend.
Wait for the price action near the levels before entering the market.
The market on the hourly time frame, took resistance from the 20 ema and closed below it.
Banknifty was weak and tested 44700 levels. Though, it was not trending and took the SL of the option buyers.
On 15 minutes time frame, market closed near the 20 ema and took serious resistance from the level.
Support :- 44710, 44450
Resistance:- 44930, 45210
The markets are volatile and there is no clear trend.
Wait for the price action near the levels before entering the market.
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